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GFI
GOGOF
GFI - Gold Fields Limited - Results for the quarter ended 30 September 2007
Gold Fields Limited
Incorporated in the Republic of South Africa
Registration number 1968/004880/06
Share code: GFI
Issuer code: GOGOF
ISIN: ZAE000018123
RESULTS FOR THE QUARTER ENDED 30 SEPTEMBER 2007
Operating profit of R1.7 billion and normalised earnings of R400 million in the
quarter ended 30September 2007
JOHANNESBURG. 25 October 2007 Gold Fields Limited (NYSE & JSE: GFI) today
announced earnings for the September 2007 quarter of R429 million compared
with R528 million in the June 2007 quarter and R698 million for the September
quarter of 2006. In US dollar terms net earnings for the September 2007 quarter
were US$60 million compared with US$74 million in the June 2007 quarter and
US$98 million for the September quarter of 2006.
September 2007 quarter salient features:
Attributable gold production maintained at over 1 million ounces;
Total cash costs increased 7 per cent from R92,273 per kilogram (US$405 per
ounce) to R99,227 per kilogram (US$435 per ounce) due to higher labour costs at
the South African operations and lower production at St Ives and Tarkwa;
Post quarter end an agreement was reached to sell our stake in Essakane for a
consideration of US$200 million and our Venezuelan assets for an indicative
amount of US$532 million;
Cerro Corona on track for production of concentrate during the March 2008
quarter.
Statement by Ian Cockerill, Chief Executive Officer of Gold Fields:
"Gold Fields delivered a steady quarter, with attributable gold production
again above one million ounces. Production at the South African operations
increased from 685,000 ounces to 689,000 ounces while attributable production
at the international operations decreased from 330,000 ounces to 312,000
ounces. Despite known cost pressures due to wage settlements in South Africa,
and ongoing pressures on input costs throughout the Group, unit costs rose at
an unacceptably high 7 per cent quarter on quarter. This was also influenced by
the decline in production from both Tarkwa and St.Ives but improved performance
from these two mines over the next few quarters should see a reversal in this
trend.
After the close of the quarter we announced that an agreement had been reached
to sell our 60 per cent stake in the Essakane project to Orezone Resources Inc.
for US$200 million, as well as an agreement for the sale of our assets in
Venezuela to Rusoro Mining Ltd for an indicative consideration of some US$532
million. This consideration is made up of mainly cash and shares in Rusoro
Mining Ltd., the value of which is based on the prevailing share price in Rusoro
Mining Ltd. at the time of the announcement. These disposals were made as part
of our ongoing strategic evaluation of our capital asset portfolio aimed at
maximising its underlying value and do not diminish our commitment to
international growth. The proceeds from these sales will be used to create value
for shareholders. A range of options are under consideration, including, inter
alia, the reduction of debt and the funding of our extensive capital programme."
Stock data
Number of shares in issue
- at end September 2007 652,291,090
- average for the quarter 652,219,625
Free Float 100%
ADR Ratio 1:1
Bloomberg / Reuters GFISJ / GFLJ.J
JSE Limited - (GFI)
Range - Quarter ZAR103.45 - ZAR128.75
Average Volume - Quarter 3,003,718 shares / day
NYSE - (GFI)
Range - Quarter US$13.67 - US$18.33
Average Volume - Quarter 2,297,722 shares / day
Salient features South African Rand
Quarter
September June September
2006 2007 2007
Gold produced* 31,262 31,556 31,126 kg
Total cash costs 79,862 92,273 99,227 R/kg
Tons milled 12,858 12,817 12,751 000
Revenue 142,035 152,825 156,355 R/kg
Operating costs 215 257 266 R/ton
Operating profit 1,987 1,950 1,731 Rm
Operating margin 42 38 34 %
698 528 429 Rm
Net earnings
141 81 66 SA c.p.s.
692 506 411 Rm
Headline earnings
140 78 63 SA c.p.s.
Net earnings excluding gains 702 488 400 Rm
and losses on financial
exchange and foreign 142 75 61 SA c.p.s.
instruments and
exceptional items
Salient features United States Dollars
Quarter
September June September
2007 2007 2006
Gold produced* oz (000) 1,001 1,015 1,005
Total cash costs $/oz 435 405 350
Tons milled 000 12,751 12,817 12,858
Revenue $/oz 685 670 622
Operating costs $/ton 37 36 30
Operating profit $m 244 274 280
Operating margin % 34 38 42
$m 60 74 98
Net earnings
US c.p.s. 9 11 20
$m 58 71 98
Headline earnings
US c.p.s. 9 11 20
Net earnings excluding
gains $m 56 69 99
and losses on financial
exchange and foreign US c.p.s. 9 11 20
instruments and
exceptional items
*Attributable - All companies wholly owned except for Ghana (71.1%) and Choco
10 (95%).
Health and safety
We regret to report that there were seven fatal accidents during the September
quarter. The fatal accidents occurred at the South African operations, where
Driefontein and Kloof mines had three fatalities each and one occurred at
Beatrix. Four of the fatal accidents were rock related of which three were
seismic and three were tramming related. The fatal injury frequency rate for the
September quarter was 0.17 per million man hours worked, an improvement on the
previous quarter`s figure of 0.26. Sadly, the lost time injury frequency rate
regressed from 8.94 to 9.77, the serious injury frequency rate regressed from
4.97 to 5.14 but the days lost frequency rate improved to a new record low of
276 from 284 per million man hours worked this quarter. A full explanation of
the safety terms used in this report is available on our website.
Gold Fields is committed to a philosophy of zero harm and benchmarks its safety
performance against Ontario benchmarks and is pursuing the Mine Health and
Safety Council milestones in South Africa. Behavioral based interventions
continue at all operations in the Group. The South African operations, except
South Deep have been audited and achieved OHSAS 18001 certification. South Deep
is currently implementing the requirements of OHSAS 18001 and certification is
planned for the end of the financial year.
The South African government has announced the creation of an industry wide
safety audit, as a result of recent peer safety performance across the mining
sector. Gold Fields has already indicated to the Minister their support for
this initiative, as we would any process that has the potential to improve
safety across our operations.
Financial review
Quarter ended 30 September 2007
compared with quarter ended 30 June 2007
Revenue
Attributable gold production was 1,001,000 ounces, compared with 1,015,000
ounces in the June quarter. Production at the South African operations
increased from 685,000 ounces to 689,000 ounces. Attributable production at the
international operations decreased from 330,000 ounces to 312,000 ounces.
At the South African operations production at Driefontein was largely unchanged
at 260,400 ounces, as lower underground tons were offset by increased yields.
Gold production at Kloof increased 3 per cent from 229,600 ounces to 235,300
ounces as a result of an increase in underground tons, partly offset by
marginally lower yields. At Beatrix, gold production decreased by 5 per cent
from 125,700 ounces to 119,200 ounces due to lower yields. At South Deep, gold
production increased from 69,500 ounces to 74,300 ounces as a result of an
increase in underground yield and surface volumes.
At the international operations, gold production at Tarkwa decreased 10 per
cent due to lower processing volumes as excessive rains occurred during the
quarter which reduced the availability of competent material to run the mill
effectively. At Damang, gold production increased 21 per cent due to higher
yields from an increase in high grade ore from the Damang pit cutback. At
Choco 10, the seasonal rains resulted in adequate water at the mine, which
allowed increased mill throughput compared with last quarter and resulted in a
doubling of gold production to 15,700 ounces. As indicated in the previous
quarter, the depletion of higher grade pits and Conquerer underground at St
Ives resulted in a decrease in production of 14 per cent quarter on quarter. At
Agnew, gold production decreased by 5 per cent mainly due to lower yields at
Songvang.
The average quarterly US dollar gold price increased from US$670 per ounce in
the June quarter to US$685 per ounce in the September quarter, a 2 per cent
increase. The average rand/US dollar exchange rate averaged R7.10, in line with
the R7.09 achieved in the June quarter. As a result of the above factors, the
rand gold price improved from R152,825 per kilogram to R156,355 per kilogram, a
2 per cent increase. The Australian gold price was unchanged quarter on quarter
at A$812 per ounce.
The increase in the rand gold price achieved offset the decrease in production,
and resulted in revenue in rand terms of R5,119 million (US$721 million) in
line with the previous quarter`s of R5,113 million (US$719 million).
Operating costs
Operating costs increased by 3 per cent during the September quarter to R3,391
million (US$478 million), compared with R3,290 million (US$462 million) in the
June quarter. Total cash costs increased by 7 per cent from R92,273 per
kilogram (US$405 per ounce) to R99,227 per kilogram (US$435 per ounce).
At the South African operations, operating costs increased from R2,027 million
(US$285 million) to R2,114 million (US$298 million), an increase of 4 per cent.
The increase was virtually all due to labour cost increases, effective 1 July,
which averaged around nine per cent. Operating costs at the international
operations, including gold-in-process movements, amounted to R1,274 million
(US$179 million), compared with R1,136 million (US$160 million) incurred in the
June quarter. In US dollar terms, net operating costs at Tarkwa increased by
US$11 million mainly due to a stockpile revaluation of US$10 million included
in gold-in-process in the June quarter. At Damang, costs were marginally
lower quarter on quarter as a consequence of an increased gold-in-process
credit. Costs at Choco 10 increased by US$3 million as a result of an increase
in production and wage increases. At St Ives, operating costs in Australian
dollar terms including gold-in-process movements decreased by A$5 million or 7
per cent as a result of lower underground production due to the depletion of
Conqueror. At Agnew, cash operating costs were virtually unchanged at A$26
million (R156 million).
Operating margin
The net effect of the changes in revenue and costs, after taking into account
gold-in-process movements, was an operating profit of R1,731 million (US$244
million). This represented an 11 per cent decrease when compared with the
R1,950 million (US$274 million) achieved in the June quarter. The Group
operating margin decreased from 38 per cent to 34 per cent. The margin at the
South African operations decreased from 37 per cent to 36 per cent, and the
margin at the international operations decreased from 39 per cent to 29 per
cent.
Amortisation
Amortisation decreased from R872 million (US$122 million) in the June quarter
to R783 million (US$110 million) in the September quarter. This decrease was
mainly due to a reduction at the International operations of R127 million
(US$18 million), largely at Agnew due to the completion of mining of the
Songvang pit at the end of August.
Other
Net interest paid increased from R60 million (US$8 million) in the June quarter
to R96 million (US$14 million) in the September quarter. This is due to an
increase in net debt from R4.6 billion (US$640 million) at the end of June to
R6.0 billion (US$862 million) at end September. This planned increase in net
debt is due to the significant capital programme embarked upon by the Group.
The loss on foreign exchange of R14 million (US$2 million), compares with a
loss of R32 million (US$5 million) in the June quarter. The September quarter`s
loss consists largely of an unrealised exchange loss of R11 million (US$2
million) relating to a US dollar denominated insurance receivable at South
Deep. The loss in the June quarter was mainly as a result of the forward cover
costs incurred in relation to a loan of US$528 million raised to retire the
Western Areas gold derivative which was assumed on takeover of this company.
The forward costs are accounted for over the period of the forward exchange
contract.
The gain on financial instruments for the quarter at R9 million (US$1 million)
compares with a gain of R39 million (US$5 million) for the June quarter. The
gain of R9 million in the September quarter comprises a R32 million mark to
market unrealised gain arising from the agreement with Mvela Resources which
provides that Mvela Resources may acquire a minimum of 45,000,000 and a maximum
of 55,000,000 Gold Fields shares should it elect to exchange its equity interest
in GFIMSA for Gold Fields` shares. In terms of IAS 32 the floor and cap
arrangement with Mvela Resources is a derivative instrument and is required to
be valued and marked to market each quarter through earnings. This was partially
offset by a R24 million (US$3 million) mark to market loss on share warrants
included in the Group`s investment portfolio. Included for the June quarter was
a mark to market gain on share warrants of R44 million partially offset by a
loss of R4 million being the final adjustment on the close out of the US$30
million dollar/rand forward purchase.
Exploration
Exploration expenditure increased from R89 million (US$13 million) in the June
quarter to R91 million (US$13 million) in the September quarter. Please refer
to the Exploration and Corporate Development section for more detail.
Exceptional items
Exceptional gains of around R30 million (US$4 million) in both quarters include
the profit on the sale of houses at Beatrix and South Deep and profit on the
sale of redundant mining equipment at Driefontein.
Taxation
Taxation for the quarter amounted to R292 million (US$41 million) compared with
R366 million (US$52 million) in the June quarter. This decrease reflects the
decrease in profit before tax for the quarter. The tax provision includes
normal and deferred taxation on all operations together with government
royalties at the international operations.
Earnings
Net profit attributable to ordinary shareholders amounted to R429 million
(US$60 million) or 66 SA cents per share (US$0.09 per share), compared with
R528 million (US$74 million) or 81 SA cents per share (US$0.11 per share) in
the previous quarter.
Headline earnings i.e. earnings less the after tax effect of asset sales,
impairments and the sale of investments, was R411 million (US$58 million) or 63
SA cents per share (US$0.09 per share), compared with earnings of R506 million
(US$71 million) or 78 SA cents per share (US$0.11 per share) last quarter.
Earnings excluding exceptional items as well as net gains and losses on foreign
exchange and financial instruments amounted to R400 million (US$56 million) or
61 SA cents per share (US$0.09 per share), compared with earnings of R488
million (US$69 million) or 75 SA cents per share (US$0.11 per share) reported
last quarter.
Cash flow
Cash inflow from operating activities for the quarter was R985 million (US$131
million), compared with R1,969 million (US$276 million) in the June quarter.
This quarter on quarter decrease of R984 million (US$145 million) is mostly due
to a working capital outflow of R224 million (US$32 million) in the September
quarter compared with a working capital inflow in the June quarter of R274
million (US$38 million) , a decrease in profit before tax of R187 million (US$26
million) and an increase in tax payments of R224 million (US$40 million). The
almost R500 million change in working capital is mainly due to year end accruals
settled during the quarter.
Capital expenditure decreased slightly from R2,190 million (US$306 million) in
the June quarter to R1,956 million (US$276 million) in the September quarter.
At the South African operations capital expenditure reduced from R878 million
(US$122 million) in the June quarter to R740 million (US$104 million) in the
September quarter. This decrease was mainly due to timing of expenditure on the
9 shaft project at Driefontein of R69 million (US$10 million), and at Beatrix,
a reduction at 3 shaft and capital development totalling R40 million (US$6
million), and various other technical projects. Expenditure on ore reserve
development at Driefontein, Kloof, Beatrix and South Deep accounted for R95
million (US$12 million), R121 million (US$13 million), R75 million (US$9
million) and R10 million (US$2 million) respectively. At South Deep capital
expenditure was similar to last quarter at R169 million (US$24 million). The
majority of this expenditure was incurred on the ventilation shaft (R55
million), the new refrigeration plant (R27 million) and capital development
(R33 million).
At the Ghanaian operations, capital expenditure at Tarkwa decreased from R345
million (US$48 million) to R307 million (US$43 million) quarter on quarter
mainly due to decreased expenditure on the CIL expansion project, and the Phase
5 heap leach project. Expenditure amounted to R77 million (US$11 million) on
the CIL expansion project and R45 million (US$6 million) on the heap leach
project compared with R85 million (US$12 million) and R62 million (US$9
million) respectively in the June quarter. Activity continued on capital waste
mining at the Teberebie cutback where expenditure of R64 million (US$9 million)
was incurred and R50 million (US$7 million) was incurred on the secondary fleet
expansion. Capital expenditure at Damang reduced from R63 million (US$9
million) to R52 million (US$7 million), with the majority of this expenditure
at the Damang cutback -R43 million (US$6 million).
At Choco 10, capital expenditure increased marginally to R40 million
(US$6 million) with the majority of this expenditure on resource definition
exploration and the water exploration drilling project.
In Australia capital expenditure at St Ives was unchanged at R152 million
(A$25 million) with the majority of this expenditure on mine development and
exploration. At Agnew, capital expenditure almost halved to R38 million
(A$6 million), with the majority spent on development and exploration.
The reduction was mainly due to expenditure incurred on the accommodation
upgrade in the June quarter.
Capital expenditure at the Cerro Corona mine in Peru amounted to R621 million
(US$87 million) in the September quarter compared with R650 million
(US$90 million) in the June quarter. Refer to the Capital and Development
Project section for more detail.
Proceeds on the sale of assets amounted to R31 million (US$4 million) and
includes the sale of houses at South Deep and Beatrix, and redundant mining
equipment at Driefontein.
Net cash inflow from financing activities amounted to R744 million
(US$105 million) which included the draw down of a loan facility of
R750 million, the draw down on the Cerro Corona loan of R167 million
(US$23 million) and a loan repayment of R173 million.
Net cash outflow for the quarter was R823 milli on (US$125 million). After
accounting for a translation loss of R17 million (gain of US$12 million), the
cash balance at the end of September was R1,470 million (US$210 million). The
cash balance at the end of June was R2,310 million (US$323 million).
Detailed and operational review
Cost and revenue optimisation initiatives
Project 500
Project 500 was initiated at the South African operations in September 2003 to
increase revenue and reduce costs through two sub-projects i.e. Project 400
(increase in revenue) and Project 100 (reduction in costs). These projects have
proved successful and led to additional projects, Project 100+ (new projects to
further reduce costs) and Project Beyond (strategic supply chain management and
procurement) as detailed below.
Project 400
Project 400 was aimed at improving revenue such that an additional R400 million
(US$55 million) per annum could be generated on a sustainable basis. This was
to be achieved through a basket of productivity initiatives; by eliminating
non-contributing production and replacing low-grade surface material with
higher margin underground material-all aimed at improved quality volumes.
Operational Excellence, a change programme, was initiated in April 2005 to
create the required skills, behaviour and environment to improve efficiencies.
Due to the skills shortage, The Mining School of Excellence was initiated at
the Gold Fields Academy to train core skills such as miners, operators, rock
drill operators and production supervisors. The "Jurasic to Joystick" challenge
initiative was launched with the focus on a greater use of technology to
improve safety and productivity. The theory of constraints initiative (to
identify bottlenecks and to improve the flow of resources and material) has
been rolled out at all the South African shafts and, together with simulations,
there is a formidable focus on improving the flow of men, material, equipment
and ore. The objective of these initiatives is to increase mining volumes
whilst maintaining yields as close as possible to life of mine reserve yields.
Reconciliation of achieved yields to gold reserves
June Sept
Quarter ended F2006* F2007* 2007** 2007**
Driefontein:
Life of mine head grade as per
published declarations # 8.0 8.5 8.9 8.9
Life of mine head grade adjusted
for estimated metallurgical
recoveries 7.8 8.2 8.6 8.6
Driefontein (underground yields
achieved) 8.1 7.6 7.6 8.2
Kloof:
Life of mine head grade as per
published declarations 10.0 10.1 10.2 10.2
Life of mine head grade adjusted
for estimated metallurgical
recoveries*** 9.7 9.8 9.9 9.9
Kloof (underground yields
achieved) 8.7 8.2 8.3 8.1
Beatrix:
Life of mine head grade as per
published declarations 5.5 5.5 5.5 5.5
Life of mine head grade adjusted
for estimated metallurgical
recoveries 5.3 5.3 5.3 5.3
Beatrix (underground yields
achieved)## 5.2 4.7 4.5 4.1
South Deep:
Life of mine head grade as per
published declarations - 6.1 6.1 6.1
Life of mine head grade adjusted
for estimated metallurgical
recoveries - 5.9 5.9 5.9
South Deep (underground yields
achieved) - 6.2 5.7 6.6
Note that the life of mine reserves are based on a paylimit using a gold price
of R100,000 per kilogram compared with operational paylimits for the current
year based on a gold price of R120,000 per kilogram.
* Based on the reserve statement at 31 December 2005 and 31 December
2006, except South Deep which is based on the reserve statement as at 30 June
2006. The acquisition of the control of South Deep was effective from 1
December 2006.
** Based on the reserve statement as at 31 December 2006.
*** Kloof`s life of mine head grade as adjusted for estimated metallurgical
recoveries, is higher than that currently achieved due to comparatively low
volumes being mined from the high grade main shaft pillar.
# The increase in the Life of Mine head grade is due to an increase in the
paylimit, which results in a lower tonnage at high grades, and an improved
dilution.
## The lower yields compared with the Life of mine estimated yield were as a
result of a low mine call factor and increased stoping widths.
Project 100+
Project 100+ consists of a number of discrete projects focused on ongoing cost
reduction through eliminating inefficiencies and investment in cost reductions.
Examples of these are:
The Eskom demand side management (DSM) ongoing projects are progressing well.
During the quarter a compressed air control project was approved by Eskom, and
a hostel hot water load control project entered the commissioning phase. The
DSM projects, which are funded by Eskom, collectively shifted more than 50MW of
load out of the daily peak tariff period, delivering savings of approximately
R3 million in the September quarter. The estimated Eskom DSM savings for
financial 2008 will exceed R10 million, growing to R20 million in financial
2009.
The conversion from diesel to battery power for underground locomotives is
progressing to plan, with the delivery of the first locomotives and the
preparation of battery charging bays and the training of personnel underway.
The project will deliver long term cost savings due to the lower operating cost
and higher efficiency of battery locomotives, and has the added benefit of
improving underground environmental conditions. An underground rail track up-
grade project, which will improve tramming efficiency underground, has
commenced.
The pump efficiency monitoring project has entered the monitoring phase,
allowing maintenance practices to be modified to initiate maintenance based on
pump efficiency. The first pump station, which was on-line for two months of
this quarter, indicates that the anticipated efficiency improvement of 5 per
cent will easily be achieved. This project will deliver savings in financial
2008 due to improved efficiency and reduced pump repair costs.
On the labour management front, we are in the process of rolling out a module
setting standards and norms for effective labour management. A human resource
shared services centre is planned for the West Wits area. The intent is to
reduce shifts lost as a result of ineffective engagement, medical, training and
administration process currently practiced.
On the cost reporting and management side, we are aligning our activity based
costing model with our process flow to optimise our benchmark module. In
addition, we are re-introducing a budget control tool to enhance our control
and accountability of commodity costs.
Project Beyond: Group Integrated Supply
chain and Strategic Sourcing Optimisation
Project Beyond - SA Operations
As previously reported, by the end of fiscal 2007, Project Beyond had
successfully delivered contracted benefits of R288 million. These benefits
provided some buffering towards the above average inflationary pressures
experienced over the period and which are expected to continue. The focus for
fiscal 2008 will remain on initiatives around total cost leadership and
productivity enhancement.
During the September quarter an estimated R8 million of annualised contracted
benefits was delivered for the South African operations. The biggest portion
of these benefits came from optimising synergies across the newly acquired
South Deep operation, which included general consumables, off-site repairs and
aggregation of electrical sundry items. Performance based contracts around
explosives contributes approximately R25 million to operating profit.
For the December quarter focus will continue on the South Deep spend
optimisation, engineering standards, explosives and drilling consumables
efficiencies. In addition we will focus on foodstuffs, salvage and the
strategic supply of timber in the December quarter.
Project Beyond - International Operations
During the September quarter strategic sourcing initiatives in Australia and
Peru delivered further total cost benefits of around US$2 million. The largest
portion of these benefits came from the Australian Project Beyond-Bullion
through new tender and multi-year contracted benefits recorded for the quarter.
New projects recorded benefits in spend categories such as insurance renewals,
gas bottle hire and returns, hardware supplies and diesel single point of
delivery. Some added benefits also came from Peru in the form of competitive
bidding and multi-year post tender contract negotiations in various areas; for
example, grinding balls and ceramic chokes.
Efforts in Ghana have been largely focussed on ensuring supply, and at the same
time containing the cost of certain strategic commodities, namely tyres, power
and cyanide. A tyre retread facility is currently being established and an
industry wide collaboration to build a power plant continues to counter the
risk of national load shedding. In Venezuela the key focus was on
re-structuring and recruiting of experienced procurement and logistics staff.
For the December quarter, opportunity assessments in Ghana will be focused in
areas such as fuel depot management, materials management, maintenance and
repair contracts and logistics. Australia will continue Beyond-Bullion cost
optimisation initiatives. Peru will focus on ensuring optimal input cost
baselines are achieved as they transition into the operational phase in the
second half of fiscal 2008.
South African Operations
Driefontein
September June
2007 2007
Gold produced - kg 8,098 8,103
- 000`ozs 260.4 260.5
Yield - underground - g/t 8.2 7.6
- combined - g/t 5.3 4.9
Total cash costs - R/kg 85,058 80,538
- US$/oz 373 353
Gold production in the September quarter was unchanged when compared with the
June quarter at 260,400 ounces. Underground tonnage reduced from 981,000 tons
in June to 924,000 tons in September due to a 2 day rolling stoppage of mining
sections to increase safety training and to improve safety standards. This was
offset by an increase in underground yield which improved from 7.6 grams per
ton to 8.2 grams per ton for the quarter. Surface tonnage decreased from
661,000 to 608,000 due to increased screening operations to improve the low
grades currently being encountered.
Main development for the quarter improved by 5 per cent, but footwall drives
continue to be impacted by seismicity at 1 and 5 shafts. On-reef development has
improved for the fourth straight quarter with values in line with forecast.
Operating costs increased by 6 per cent from R684 million (US$96 million) to
R724 million (US$102 million) mainly due to the annual salary increases,
increased development and the effects of inflationary increases in commodity
prices. Total cash costs increased 6 per cent in rand and US dollar terms from
R80,538 per kilogram to R85,058 per kilogram and from US$353 per ounce to
US$373 per ounce respectively.
Operating profit decreased by 4 per cent from R548 million (US$77 million) in
the June quarter to R526 million (US$74 million) in the September quarter due
to the higher operating costs.
Capital expenditure decreased from R298 million (US$41 million) to R219 million
(US$31 million) mainly due to timing of expenditure. The major portion of the
expenditure was on the 9 sub-vertical shaft deepening project and ore reserve
development. Shaft sinking on the 9 shaft project is planned to commence during
the December 2007 quarter.
Gold production for the December quarter is forecast marginally lower than the
September quarter. As a result unit cash costs will increase. Capital
expenditure for the coming 6 months will increase in line with the build up of
shaft sinking activity at 9 shaft.
Kloof
September June
2007 2007
Gold produced - kg 7,319 7,141
- 000`ozs 235.3 229.6
Yield - underground - g/t 8.1 8.3
- combined - g/t 7.4 7.7
Total cash costs - R/kg 86,269 87,019
- US$/oz 378 382
Gold production at Kloof increased by 3 per cent from 229,600 ounces in the
June quarter to 235,300 ounces in the September quarter. This was due to a 5
per cent increase in underground tonnage from 851,000 tons to 893,000 tons, at
a marginally lower yield. In addition, the surface tons milled increased 26 per
cent compared with the previous quarter, increasing from 80,000 tons to 101,000
tons at a yield of 0.7 grams per ton.
Main development increased by 15 per cent quarter on quarter with on-reef
development values averaging 2,028 cmg/t compared with 1,597 cmg/t in the June
quarter.
Operating costs increased by 2 per cent from R648 million (US$91 million) in
the June quarter to R661 million (US$93 million) in the September quarter. The
increase in operating costs was due to the annual wage increase referred to
earlier. This was partly offset by an increase in costs capitalised to ore
reserve development. Total cash cost decreased marginally from R87,019 per
kilogram to R86,269 per kilogram as a result of the higher gold production. In
US dollar terms, total cash costs decreased by 1 per cent from US$382 per ounce
to US$378 per ounce.
Operating profit increased from R439 million (US$62 million) in the June
quarter to R473 million (US$67 million) in the September quarter as a result of
the increased gold production combined with the higher gold price.
Capital expenditure at R218 million (US$31 million) increased marginally when
compared with the previous quarter`s expenditure of R209 million
(US$29 million).
Gold production and unit costs for the December quarter are forecast at similar
levels as the September quarter. Capital expenditure is forecast to reduce in
the coming quarter in line with plan, with lower expenditures on the 1 sub-
vertical shaft pillar and the Kloof Extension Area ("KEA") projects.
Beatrix
September June
2007 2007
Gold produced - kg 3,707 3,909
- 000`ozs 119.2 125.7
Yield - underground - g/t 4.1 4.5
Total cash costs - R/kg 106,393 95,805
- US$/oz 466 420
Gold production at Beatrix decreased by 5 per cent from 125,700 ounces in the
June quarter to 119,200 ounces in the September quarter. The increase in tons
milled from 864,000 tons to 913,000 tons was offset by a decrease in yield from
4.5 grams per ton to 4.1 grams per ton quarter on quarter. The lower yield was
as a result of relatively lower volumes mined from the higher grade areas and a
slight overall decrease in grade mined. The mine call factor also declined by
2 per cent quarter on quarter to 84 per cent, which also contributed to the
lower yield. An external review of mining quality was carried out during the
quarter. This review has identified fragmentation as an issue which needs
addressing. The mine has embarked upon a programme to switch explosive types
and focus on drilling and blasting practices.
Beatrix maintained its development volumes, with total main development
improving quarter on quarter by 2 per cent to 11,252 metres. Main on-reef
development has continued to show a steady improvement quarter on quarter, with
a further increase of 11 per cent to 1,937 metres in the September quarter.
Values for the quarter were on plan at 818 cmg/t. This is a decrease quarter on
quarter but reflects the local geology of existing raise development. Four
shaft on -reef values were constant at 1,550 cmg/t.
Operating costs increased by 6 per cent, from R392 million (US$55 million) in
the June quarter to R416 million (US$59 million) in the September quarter. The
increase in costs was mainly due to annual wage increase together with
increased development. Total cash costs increased 11 per cent from R95,805 per
kilogram in the June quarter to R106,393 per kilogram in the September quarter,
mainly due to the decrease in gold production and the above inflation wage
increases. In US dollar terms total cash costs also increased 11 per cent from
US$420 per ounce to US$466 per ounce.
Beatrix posted an operating profit of R163 million (US$23 million) for the
quarter compared with R199 million (US$28 million) in the June quarter.
Capital expenditure decreased from R207 million (US$29 million) to R134 million
(US$19 million) in the September quarter and includes ore reserve development,
progress on the 3 shaft project and capital development at the West and South
sections.
Gold production, cash costs and capital expenditure in the December quarter are
forecast to be similar to the September quarter.
South Deep
September June
2007 2007
Gold produced - kg 2,312 2,163
- 000`ozs 74.3 69.5
Yield - underground - g/t 6.6 5.7
- combined - g/t 4.8 4.9
Total cash costs - R/kg 132,223 135,368
- US$/oz 579 594
Gold production at South Deep increased by 7 per cent from 69,500 ounces in the
June quarter to 74,300 ounces in the September quarter. The increase in gold
production was due to an increase in the underground yield from 5.7 grams per
ton t o 6.6 grams per ton and an increase in surface ore processed from 71,000
tons to 150,000 tons.
Development at South Deep increased 10 per cent for the September quarter, but
this increase does not yet include the below infrastructure development where
development of crews and equipment are presently being mobilised.
Operating costs at R314 million (US$44 million) for the quarter increased by 3
per cent compared with the June quarter`s costs of R304 million (US$42
million). This was mainly due to the annual wage increases. As a result of the
increased gold production the total cash cost decreased by 2 per cent to
R132,223 per kilogram (US$579 per ounce), compared with the R135,368 per
kilogram (US$594 per ounce) in the June quarter.
Operating profit increased from R28 million (US$4 million) in the June quarter
to R45 million (US$6 million) as a result of the increased gold revenue.
Capital expenditure was similar at R169 million (US$24 million) for the current
quarter and included R55 million (US$8 million) on the deepening of the
ventilation shaft, R27 million (US$4 million) on the refrigeration plant and
R33 million (US$5 million) on capital development.
Gold production and costs for the December quarter should be similar to the
September quarter. Capital expenditure will increase as the new mine expansion
projects to 330,000 ton per month milled proceeds, with increased expenditure.
The development mining contractor will commence in the December quarter with
capital metres ramping up by the end of the March quarter. Progress on the 94
level refrigeration and ventilation shaft brattice wall equipping are ongoing.
International Operations
Ghana
Tarkwa
September June
2007 2007
Gold produced - 000`ozs 154.0 170.5
Yield - heap leach - g/t 0.8 0.8
- CIL plant - g/t 1.5 1.5
- combined - g/t 0.9 0.9
Total cash costs - US$/oz 423 308
Gold production for the September quarter decreased by 10 per cent from 170,500
ounces to 154,000 ounces. Abnormally high seasonal rainfall, which exceeded the
fifty year high, had a negative impact on both the mining and the processing
operations. As a consequence of the heavy rain the CIL plant throughput was
negatively affected in the first two months of the quarter. The SAG mill
throughput decreased due to a lack of suitable run of mine feed, together with
lower volumes of competent material available due to limited access to some of
the pits.
Total tons mined, including capital stripping, decreased from
28.5 million tons to 27.7 million tons. Ore mined (excluding low grade ore
mined of 776,000 tons at 0.8 grams per ton) decreased to 4.72 million tons
compared with 5.47 million tons in the June quarter. This decrease of 750,000
ore tons was due to the excessive rains which caused flooding in the Teberebie
pit and a shortage of competent material resulting in mill blending problems.
The mined grade of 1.27 grams per ton was similar quarter on quarter. The
overall strip ratio for the quarter was 4.88 compared with 4.22 in the June
quarter.
Total feed to the heap leach sections was 3.91 million tons compared with 4.21
million tons for the June quarter. Yields from the heap leach sections were
similar quarter on quarter at 0.8 grams per ton. The heap leach sections
produced 92,300 ounces compared with the 101,100 ounces achieved in the June
quarter. The total feed to the CIL plant was 1.30 million tons compared with
1.43 million tons in the June quarter. Yields were similar at 1.5 gram per ton.
The CIL plant produced 61,700 ounces in the September quarter compared with
69,400 ounces in the previous quarter. Combined yield at Tarkwa was unchanged
quarter on quarter at 0.9 grams per ton. There was a net gold-in-process release
from the combined CIL and heap leach sections of 3,800 ounces.
Operating costs, including gold-in-process movements, increased from US$53
million (R374 million) to US$64 million (R451 million) in the September
quarter. This increase was mainly due to a stock revaluation of US$10 million
(R64 million) relating to low grade mined ore stockpiles recognised in the
previous quarter. As a result total cash costs increased from US$308 per ounce
to US$423 per ounce. Operating cost per ton processed, which excludes gold-in-
process movements, was US$12.28 compared with the US$11.06 in the June quarter.
The increase in unit operating costs is related to the lower production due to
the high rain fall and increased commodity prices.
Operating profit was 38 per cent lower at US$38 million (R270 million) compared
with US$61 million (R437 million) in the June quarter.
Capital expenditure decreased from US$48 million (R345 million) to US$43
million (R307 million) for the September quarter, with expenditure on the Phase
5 heap leach project and the CIL expansion project at US$6 million (R42
million) and US$11 million (R78 million) respectively. Expenditure on the
pre-stripping at the Teberebie cutback (US$9 million : R64 million) continued.
Gold production for the December quarter is expected to be about 7 per cent
higher than the September quarter. Unit cash costs should decrease in the
December quarter due to the expected increase in gold production and lower
operational costs brought about by expected drier weather conditions.
Damang
September June
2007 2007
Gold produced - 000`ozs 47.4 39.3
Yield - g/t 1.3 1.0
Total cash costs - US$/oz 468 572
Gold production for the September quarter was 47,400 ounces, compared with
39,300 ounces produced in the June quarter, an increase of 21 per cent. The
seventh carbon-in-leach tank in the processing plant was commissioned two
months ahead of schedule and a second gravity unit was also brought on line.
Both these projects enhanced gold recovery during the quarter.
Total tons mined, including capital stripping, was 7.1 million tons, compared
with 7.4 million tons in the June quarter. The excessive wet weather conditions
experienced during the quarter contributed significantly to the reduction in
tons mined. Ore mined increased from 657,000 tons to 794,000 tons in the
September quarter due to an increase in ore tons mined from the Damang pit cut
back and Tomento pit 2 which replaced ore from the depleted Kwesie North and
J2SW pits. As a result, the overall strip ratio decreased as forecast from
10.24 to 7.97 quarter on quarter. The average mined grade improved from
1.47 grams per ton to 1.51 grams per ton due to the increase in high grade
fresh ore from the Damang cutback and Tomento 4.
Mill throughput for the quarter reduced by 9 per cent from 1.24 million tons to
1.12 million tons due to an increase in the higher grade hard rock delivered,
as the excessive rains limited the delivery of the softer oxides from Tomento
pit 1. The increase in hard rock reduced mill throughput by 14 per cent, from
710 to 610 tons per hour. This was more than offset by the increase in yield
from 1.0 gram per ton to 1.3 grams per ton due to the replacement of oxides
with the increased higher-grade tonnage from the Damang pit cutback and
Tomento pit 4. Added to this was an increase in metallurgical recovery during
the quarter due to a significant reduction in solution losses as a result of
improved leach tanks availability, improved carbon management and enhanced
gravity gold recovery. The primary crusher is again operating at design
capacity. The increased availability of the crusher during the quarter has
allowed for the expansion of the crushed ore stockpile to 160,000 tons to allow
operational and blend flexibility at the mine.
Costs, including gold-in-process movements, decreased from the US$23 million
(R163 million) to US$22 million (R155 million) for the quarter. The positive
change in gold-in-process of US$2 million (R14 million) was partially offset
by the increase in operating costs of US$1 million (R7 million). The main
factors contributing to the increase in operating costs were the higher diesel
price, replacement of conveyor belts and increased plant maintenance. The total
cost per ton processed at US$21.53 was higher than the previous quarter`s
US$18.68 per ton due to the increase in operating costs, and the lower volumes
processed. Total cash costs decreased from US$572 per ounce to US$468 per
ounce, reflecting the higher gold production and positive change in gold-
in-process.
Operating profit for the quarter at US$10 million (R69 million) more than
doubled when compared with the US$4 million (R24 million) achieved in the June
quarter.
Capital expenditure at US$7 million (R52 million) was lower than the US$9
million (R63 million) spent in the previous quarter, with the majority of this
expenditure again incurred on the Damang cutback.
Gold production is expected to increase by about 5 per cent in the December
quarter compared with the September quarter due to increased gold output from
the Damang pit cutback. Cash costs should reduce due to the increase in
production.
Venezuela
Choco 10
September June
2007 2007
Gold produced - 000`ozs 15.7 7.4
Yield - g/t 1.2 1.6
Total cash costs - US$/oz 684 912
Gold production more then doubled from 7,400 ounces in the June quarter to
15,700 ounces in the September quarter. This was due to an increase in mill
throughput from 147,000 tons to 401,000 tons as a result of an improved supply
of water from seasonal rains, water wells and a more efficient reclaim system
from the tailings dam. On-site water storage facilities should be sufficient to
provide a continuous water supply into the future, resulting in less reliance
on seasonal rains. Tons milled was adversely affected during the quarter due to
a road blockage by local small miners that resulted in 31 shifts (approximately
10 days) of lost production. Yield including 4,100 ounces locked-up in the
plant improved marginally from 1.6 grams per ton to 1.8 grams per ton, compared
with the declared yield of 1.2 grams per ton which is determined based on gold
produced.
Mining continued in the Pisolita and Rosika-Coacia pits. Mining volumes
increased from a total of 1.41 million tons in the June quarter to 1.59 million
tons in the September quarter. Ore tons increased from 199,000 tons to 268,000
tons this quarter, but was below forecast mainly as a result of the road
blockage and low equipment availability. However grades improved from 1.5 grams
per ton to 2.1 grams per ton quarter on quarter, the affect of which will be
seen in the December quarter.
Operating costs, including gold-in-process movements, amounted to US$12
million (R86 million) compared with US$9 million (R65 million) in the June
quarter. This increase was mainly due to the increase in mining and processing
volumes and labour cost increases resulting from recent wage negotiations.
Total cash costs decreased from US$912 per ounce to US$684 per ounce driven by
the increase in gold production and the gold-in-process credit resulting from
the plant lock-up. An operating profit of US$2 million (R15 million) was
realised compared with a loss of US$3 million (R19 million) in the June
quarter.
Capital expenditure amounted to US$6 million (R40 million) for the quarter
compared with US$5 million (R33 million) in the June quarter. The majority of
this expenditure, US$3 million (R23 million), was on resource conversion
drilling in an additional shallow mineralized zone in the hanging wall of the
Coacia deposit. The updated resource model for the area should have an impact
on mine design and contribute to an increase in the reserve. Discussions with
government ministries in Venezuela continued on the permitting project with
respect to obtaining access to the Yuruari River. Over US$1 million (R9
million) was invested in the design and permitting of this and the water wells
projects.
Gold production for the December quarter is expected to increase to around
20,000 ounces, provided there are no significant operating interruptions from
community, government, suppliers or unions. Cash costs should reduce in line
with the increased production.
Australia
St Ives
September June
2007 2007
Gold produced - 000`ozs 102.4 119.5
Yield - heap leach - g/t 0.5 0.5
- milling - g/t 2.5 3.1
- combined - g/t 1.8 2.4
Total cash costs - A$/oz 650 591
- US$/oz 551 491
Gold produced for the quarter decreased in line with previous guidance (15 per
cent fall quarter-on-quarter) from 119,500 ounces to 102,400 ounces. This was
mainly due to reduced tonnage from the high grade Delta North and Thunderer
pit, and the underground Conqueror operation which were depleted at the end of
last quarter. This change to the blend of operating mines resulted in lower
grade surface stockpiled material being used to supplement the mill feed. Gold
produced from the Lefroy mill was 92,100 ounces, down from the June quarter
result of 111,300 ounces. Tons milled were unchanged at 1.14 million tons.
Yield decreased from 3.1 grams per ton to 2.5 grams per ton in the quarter due
to the processing of the stockpiled material. Heap leach production was 10,300
ounces this quarter, up 25 per cent when compared with the June quarter total
of 8,200 ounces, as the benefits of the recently commissioned agglomeration
drum began to be realised along with a small increase in tons treated from
475,000 tons to 482,000 million tons.
During the quarter 3.5 million bank cubic metres (BCMs) of ore and waste, which
includes waste classified as capital for accounting purposes, were mined from
the open pit operations compared with 3.4 million BCMs in the previous quarter.
Open pit operations produced 1.2 million tons of ore for the quarter, compared
with 1.1 million tons for the previous quarter. The majority of ore was mined
from the North Revenge and Leviathan pits. The open pit ore grade decreased to
1.8 grams per ton compared with 2.0 grams per ton in the previous quarter. The
Thunderer pit was completed, while the Cave Rocks and Bahama pits commenced ore
production after initial stripping. The average strip ratio including capital
waste was 6.4 in the September quarter compared with 9.0 in the June quarter.
Underground operations mined 247,000 tons of ore at 5.0 grams per ton for the
quarter compared with 297,000 tons at 5.7 grams per ton in the previous
quarter. The majority of this decrease was due to the completion of mining of
the Conqueror underground reserve.
Operating costs, including gold-in-process movements, decreased from A$74
million (R433 million) in the June quarter to A$69 million (R413 million) in
the September quarter. This decrease reflected the lower underground
production during the quarter. The lower ounces, as a result of the above
factors, resulted in an increase in total cash costs from A$591 per ounce
(US$491 per ounce) for the June quarter to A$650 per ounce (US$551 per ounce)
for the September quarter.
Operating profit decreased from A$23 million (R137 million) to A$14 million
(R86 million) due to the lower gold production.
Capital expenditure at A$25 million (R152 million) was unchanged quarter on
quarter. Mine development capital of A$14 million (R85 million) included
commencement of development at the Cave Rocks underground mine and Pluton open
pit, and continuation of development of the Argo and Belleisle underground
mines and Cave Rocks open pit.
Gold production for the December quarter is expected to increase by about 7 per
cent compared with the September quarter due to the increase in open pit
sourced tons at higher grades. Development of the new underground mines at Cave
Rocks and Belleisle remains a focus to return production to historical levels
in the second half of financial 2008. Cash costs should decrease marginally in
the December quarter.
Agnew
September June
2007 2007
Gold produced - 000`ozs 51.0 53.5
Yield - g/t 4.7 4.9
Total cash costs - A$/oz 507 476
- US$/oz 430 395
Gold production for the September quarter was 51,000 ounces, 5 per cent lower
than the June quarter`s 53,500 ounces. This production decrease was due to the
yield decreasing from 4.9 grams per ton to 4.7 grams per ton quarter on
quarter, resulting from lower grades at Songvang open pit and Kim underground.
Tons milled and treated were similar quarter on quarter at 334,000 tons.
Ore mined from underground increased in the September quarter to 120,000 tons
at a grade of 9.1 grams per ton compared with 77,000 tons at 10.0 grams per ton
in the June quarter. This was mainly due to increased tonnages from Kim South
as additional ore was extracted from four separate stopes. Total open pit
production f or the June quarter decreased from 525,000 tons at a grade of 3.6
grams per ton to 202,000 tons at a grade of 3.2 grams per ton in the September
quarter as the Songvang open pit was completed by the end of August.
At Agnew, cash operating costs after adjusting for amortisation included in
gold-in-process was virtually unchanged at A$26 million (R156 million). Total
cash costs increased from A$476 per ounce (US$395 per ounce) to A$507 per ounce
(US$430 per ounce) for the September quarter. The increase in cash costs per
ounce is attributable to a decrease in production levels.
Operating profit decreased from A$27 million (R157 million) in the June quarter
to A$14 million (R85 million) due to the abovementioned factors as well as the
decrease in gold revenue.
Capital expenditure decreased from A$10 million (R60 million) in the June
quarter to A$6 million (R38 million) in the September quarter. The majority of
this decrease related to a higher June quarter expenditure due to progress
payments for the upgrading of mine accommodation. Decreased capital
development at Kim Lode in the September quarter was also a factor.
Gold produced during the December quarter is expected to be slightly lower than
the September quarter. Cash costs should remain steady quarter on quarter.
Quarter ended 30 September 2007
compared with quarter ended
30 September 2006
Group attributable gold production decreased marginally from 1,005,000 ounces
for the quarter ended September 2006 to 1,001,000 ounces in the September 2007
quarter.
At the South African operations gold production increased from 649,000 to
689,000 ounces. Driefontein and Kloof were little changed at 260,000 and
235,000 ounces respectively. Gold production at Beatrix decreased by 20 per
cent to 119,000 ounces due to a combination of lower grades and lower volumes.
This shortfall was offset by South Deep, control of which was acquired on 1
December 2006, which produced 74,000 ounces during the September 2007 quarter.
At the international operations total gold production decreased from 421,000
ounces in September quarter 2006 to 371,000 ounces in September quarter 2007.
In Ghana, Tarkwa`s gold production decreased 14 per cent to 150,000 ounces due
to a reduction of available high grade fresh ore tonnages mined and processed
due to the wet conditions during the quarter. Damang was less affected by the
rain and was only marginally lower at 47,000 ounces. In Australia, St Ives and
Agnew both decreased by around 16 per cent to 102,000 ounces and 51,000 ounces
respectively. The decrease at St Ives was due to the closure of the higher
grade Conquerer underground mine, which was replaced with lower grades surface
ore. Agnew saw a decrease in ore mined from the high grade Kim Lode replaced by
lower grade Songvang ore. At Choco 10, gold production was little changed at
14,000 ounces.
Revenue increased by 8 per cent in rand terms from R4,732 million
(US$667 million) to R5,119 million (US$721 million). The higher average gold
price of R156,355 per kilogram (US$685 per ounce) compared with R142,035 per
kilogram (US$622 per ounce) achieved in 2006 more than offset the lower
production. The rand/US dollar was unchanged at US$1 = R7.10.
Operating costs, including gold-in-process movements, increased from R2,745
million (US$387 million) to R3,388 million (US$477 million), an increase of
R643 million (US$90 million) or 23 per cent. This increase was mainly due to
the acquisition of control of South Deep on 1 December 2006, which added R314
million (US$44 million) to costs in the September quarter 2007. Excluding South
Deep the increase is 12 per cent. The majority of the balance was due to above
inflation wage increases in South Africa, significant price increases of
important inputs - namely fuel, steel and cyanide to mention but a few at all
the operations, increased power costs in Ghana and increased maintenance costs
on the owner mining fleet at Tarkwa, the increased royalty at St Ives and the
increased cost of mining the Songvang open pit. Total cash costs for the Group
in rand terms, increased 24 per cent from R79,862 per kilogram (US$350 per
ounce) to R99,227 per kilogram (US$435 per ounce).
At the South African operations, operating costs increased by 29 per cent from
R1,644 million in the quarter ended September 2006 to R2,114 million in the
quarter ended September 2007. The increase excluding South Deep was 9 per cent,
and was due to the above inflation wage increases effective this quarter, an
increase in stoping and development and the increase in certain input costs such
as steel and food, partially offset by the cost saving initiatives implemented
over the year. Total cash costs increased 22 per cent from R77,543 per kilogram
to R94,248 per kilogram due to the inclusion of South Deep, which averaged
R132,223 per kilogram in the September quarter 2007, as well as the cost
increases and the lower production at the other South African operations.
Excluding South Deep, total cash costs increased from R77,543 per kilogram to
R89,657 per kilogram an increase of 16 per cent.
At the international operations total cash costs increased by 30 per cent from
US$365 per ounce to US$476 per ounce, mainly due to higher power costs in Ghana
due to load shedding, increased maintenance costs of the mining fleet at
Tarkwa, increased costs at Agnew due to increased mining and processing of the
Songvang open pit compared with the September quarter 2006, and the combined
effect of higher stripping ratios and lower grades, together with the increased
cost of inputs driven by the commodities boom. This was exacerbated by the 14
per cent decrease in gold output from the international operations.
Operating profit decreased from R1,987 million (US$280 million) to R1,731
million (US$244 million), with the benefit of the higher gold price offset by
the lower production and the increase in costs.
After accounting for taxation and sundry items net earnings decreased from R698
million (US$98 million) to R429 million (US$60 million) for the September
quarter 2007.
Earnings excluding gains and losses on foreign exchange, financial instruments
and exceptional items decreased from R702 million (US$99 million) in September
quarter 2006 to R400 million (US$56 million) in the September quarter 2007.
Capital and development projects
Cerro Corona
During the quarter community relationships remained stable on the Cerro Corona
project site. While community employment and contracting levels are significant
at this point in time, these will decline as construction activities tail-off
through the latter part of the calendar year, presenting a possible catalyst
for social discontent. Strategies have been developed to reduce the impact of
this. The Community stakeholder participation remains high with over 50 local
contractors and suppliers, while 825 of the 2,800 people working on site are
from local communities.
There were no Lost Time Injuries (LTI`s) during the period. The Project has
expended approximately 9.2 million man-hours since October 2005 with no LTI`s
and nine Medically Treated Incidents (MTI`s). There were no significant
environmental incidents during the period.
Mining activities during the quarter remained focused on generating
construction materials for various site structures, in particular the tailings
dam structure. The mining fleet will continue to work in three rock quarries
within the project boundary prior to returning to Cerro Corona mine late in
this calendar year. A total of 2.18 million tons was excavated from the Cerro
Corona mine this quarter (June quarter 1.45 million tons), of which
approximately 61 per cent was overburden, with the balance being oxide and
sulphide ores for stockpiling. Surface mine development has progressed to the
point that further mining of sulfide ore and overburden will only take place
upon commissioning of the concentrator early in calendar 2008. Mining progress
is no longer on the critical path for project start-up. Unit mining cost
performance, at US$1.77 per ton was in line with expectations.
During the quarter engineering efforts remained focused at the Cerro Corona
mine site in support of field construction efforts. On the procurement front,
all major construction packages have now been awarded and are in process.
Critical items are being expedited to maintain the schedule as required.
On the construction front, three major milestones were
achieved by quarter end:
Grouting of the tailing embankment keyway was completed thereby allowing for
placement of significant quantities of rock fill as well as various engineered
rock products required in the approved design. Completion of the embankment
height sufficient to impound water for mill start up is expected to be achieved
in the March F2008 quarter.
All major process mechanical components were set with initial piping and
electrical systems being installed.
Enclosing of the main buildings has commenced. This will enable interior work
to progress through the inclement rainy weather season (November through
April).
Completion of construction is forecast for January 2008, and the project is
still expected to commence ore treatment thereafter, with shipment of
concentrates commencing in the March F2008 quarter. The greatest schedule risk
remains delays in completion of the tailings embankment.
During the September quarter cumulative construction commitments reached US$319
million (June US$266 million) while total capital expenditure in the September
quarter was US$87 million (June US$90 million).
Exploration and corporate development
Gold Fields completed drilling on five projects during the quarter on its
greenfield exploration sites.
At the Essakane project in Burkina Faso, the Bankable Feasibility Study was
completed and delivered to our partners, securing an additional 10 per cent
share in the project and bringing GFI`s stake to 60 per cent. Highlights from
the study include ore production of 5.4 million tons per annum, producing an
average of 292,000 ounces per annum of gold over 8.6 years. The partners are
currently reviewing the study before making a production decision expected
before the end of the year.
On the Sankarani project in south-western Mali, presently operated by partner
Glencar Mining plc (AIM: "GEX"), a review of the project`s untested potential
was incorporated into a wider regional review. To date just over US$2.5 million
has been spent giving Gold Fields an effective 25 per cent interest in the
project. Gold Fields has a right to increase its stake to 51 per cent by
spending an additional US$1.5 million by December 2007. Twenty-seven new targets
for RAB drilling were identified within the Bokoro and Sanioumale licenses. At
the 80 per cent owned Kisenge project in the southern DRC, the second phase of
diamond drilling was completed on the Kajimba, Mpokoto, Lungenda and Weji
targets with encouraging results. Drilling was started on the Katompe target and
work was continuing on a regional stream sediment sampling programme to identify
new anomalies within our license areas.
In Kyrgyzstan, Gold Fields has an option to joint venture the Talas project via
its equity placement in Lero Gold Corp (TSX-V: "LER"). Phase 1 drilling at
Taldybulak Central and Northwest targets was completed. In Slovakia, Gold
Fields has a right of first refusal to joint venture the Biely Vrch project
through our equity holdings in EMED Mining Public Limited (AIM: "EMED"). During
the quarter, Gold Fields participated in a second private placement in EMED to
maintain its holding at 10 per cent.
At the Central Victoria project in Australia, aircore and diamond drilling
continued to define and extend significant gold anomalism. Initial diamond
drilling was commenced on the southern end of the eight kilometer long Main-
Lees trend as part of the Fosterville East JV. Gold Fields is earning an 80 per
cent stake in the Gobondery JV, Wellington North JV and Cowal East JV. In
Central Queensland, Gold Fields entered into the Mt Carton regional joint
venture agreement with Conquest Mining Limited (ASX: "CQT") where we can earn a
51 per cent stake in eight exploration tenements surrounding Conquest`s Silver
Hill discovery.
In the El Callao District in Venezuela, adjacent to the Choco 10 Mine, drilling
was completed on the La Pinta, La Victoria and Avila targets. On the Dominican
Republic joint venture with partner GoldQuest Mining Corp (TSX-V: "GQC"),
preparations were made to commence drilling in the December quarter on the
Cerro Dorado, Piedra Iman and Josefina targets. In Central Chile at the
joint venture with a private Chilean company (Gold Fields earning 70 per
cent), 13,200 hectares of exploration concessions were staked on selected
target areas in the Maricunga Belt.
Corporate
Sale of Essakane Project
On 11 October an agreement was reached in terms of which Gold Fields will sell
its current 60 per cent stake in the Essakane project located in Burkina Faso,
West Africa, to its partner in the project, Orezone Resources Inc.
Orezone will pay Gold Fields US$150 million in cash and US$50 million in
Orezone securities or US$200 million in cash at Orezone`s election. To date
Gold Fields has spent a total of US$47 million on the project. The sale price
represents a significant return on investment for Gold Fields.
The transaction is subject to a number of conditions, including Orezone
securing net proceeds of at least US$150 million through a public offering of
its securities, and approval of the transaction by the South African Reserve
Bank. Gold Fields and Orezone expect the transaction to close towards the end
of November.
Sale of Venezuela assets
On 12 October 2007 an agreement was reached in terms of which Gold Fields will
effectively dispose of its assets in Venezuela to Rusoro Mining Ltd. for a
total consideration of approximately US$532 million*.
Rusoro will pay Gold Fields a minimum of US$150 million in cash, US$30 million
in convertible debt, and 140 million Rusoro shares. Gold Fields is expected to
own around 38 per cent of the outstanding shares of that Company after the
transaction has been concluded. Gold Fields will, through its exposure
to Rusoro, retain exposure to the upside inherent in the assets. The total
investment to date in the Venezuelan assets, including the initial acquisition
costs, is US$425 million.
The transaction envisages Rusoro acquiring Gold Fields` stake in the Choco 10
gold mine, as well as the contiguous mineral rights owned by Gold Fields.
The transaction is subject to various conditions, including South African
Reserve Bank and stock exchange approvals, the raising of the required funding
by Rusoro, as well as approval by Rusoro shareholders, more than 50 per cent of
who have given written irrevocable support to the transaction. Rusoro and Gold
Fields expect the transaction to close in mid-December 2007.
Provisional accounting for South Deep
The acquisition of South Deep has been accounted for on a provisional basis in
accordance with IFRS 3. This has resulted in the recognition of goodwill
amounting to R4.4 billion.
* Based on the 10-day VWAP of the Rusoro share price at the time of the
announcement.
Outlook
Excluding Choco 10 from both quarters, the gold production should increase and
unit cash costs decline in the December quarter compared with the September
quarter.
Basis of accounting
The unaudited results for the quarter have been prepared on the International
Financial Reporting Standards (IFRS) basis. The detailed financial, operational
and development results for the September 2007 quarter are submitted in this
report.
These consolidated quarterly statements are prepared in accordance with IAS 34,
Interim Financial Reporting. The accounting policies used in the preparation of
this report are consistent with those applied in the previous financial year
except for the adoption of the revised international accounting standards
forthcoming from the IAS improvements project and new IFRS issued by the
International Accounting Standards Board.
I.D. Cockerill
Chief Executive Officer
25 October 2007
Income statement
International Financial Reporting Standards Basis
Figures are in millions unless otherwise stated
South African Rand Quarter
September June September
2007 2007 2006
Revenue 5,118.9 5,112.6 4,731.9
Operating costs, net 3,387.7 3,163.0 2,745.3
- Operating costs 3,391.2 3,289.7 2,763.6
- Gold inventory change (3.5) (126.7) (18.3)
Operating profit 1,731.2 1,949.6 1,986.6
Amortisation and depreciation 782.9 871.5 680.7
Net operating profit 948.3 1,078.1 1,305.9
Net interest (paid)/received (95.6) (59.5) 16.7
(Loss)/gain on foreign exchange (13.6) (32.1) (2.9)
Gain/(loss)on financial instruments 8.9 39.3 (9.4)
Other (11.4) (10.1) (28.7)
Exploration (91.4) (89.1) (65.6)
Profit before tax and exceptional items 745.2 926.6 1,216.0
Exceptional gain 29.3 35.2 8.7
Profit before taxation 774.5 961.8 1,224.7
Mining and income taxation 291.7 365.9 464.2
- Normal taxation 226.4 140.2 251.7
- Deferred taxation 65.3 225.7 212.5
Net profit 482.8 595.9 760.5
Attributable to:
- Ordinary shareholders 428.6 527.5 697.8
- Minority shareholders 54.2 68.4 62.7
Exceptional items:
Profit on sale of investments - 5.6 0.4
Profit/(loss) on sale of assets 29.3 32.4 8.3
Impairment of assets - (2.8) -
Total exceptional items 29.3 35.2 8.7
Taxation (11.2) (14.0) (3.1)
Net exceptional items after tax and
minorities 18.1 21.2 5.6
Net earnings 428.6 527.5 697.8
Net earnings per share (cents) 66 81 141
Diluted earnings per share (cents) 62 77 141
Headline earnings 410.5 506.3 692.2
Headline earnings per share (cents) 63 78 140
Net earnings excluding gains and losses
on foreign
exchange, financial instruments and 399.8 488.4 701.7
exceptional items
Net earnings per share excluding gains
and losses on
foreign exchange, financial 61 75 142
instruments and exceptional items (cents)
Gold sold - managed kg 32,739 33,454 33,315
Gold price received R/kg 156,355 152,825 142,035
Total cash costs R/kg 99,227 92,273 79,862
Income statement
International Financial Reporting Standards Basis
Figures are in millions unless otherwise stated
United States Dollars Quarter
September June September
2007 2007 2006
Revenue 721.0 718.5 666.5
Operating costs, net 477.1 444.4 386.6
- Operating costs 477.6 462.0 389.2
- Gold inventory change (0.5) (17.6) (2.6)
Operating profit 243.9 274.1 279.9
Amortisation and depreciation 110.3 122.3 95.9
Net operating profit 133.6 151.8 184.0
Net interest (paid)/received (13.5) (8.4) 2.4
(Loss)/gain on foreign exchange (1.9) (4.5) (0.4)
Gain/(loss) on financial instruments 1.3 5.4 (1.3)
Other (1.6) (1.5) (4.1)
Exploration (12.9) (12.5) (9.3)
Profit before tax and exceptional items 105.0 130.3 171.3
Exceptional gain 4.1 5.0 1.2
Profit before taxation 109.1 135.3 172.5
Mining and income taxation 41.1 51.6 65.4
- Normal taxation 31.9 20.0 35.5
- Deferred taxation 9.2 31.6 29.9
Net profit 68.0 83.7 107.1
Attributable to:
- Ordinary shareholders 60.4 74.1 98.3
- Minority shareholders 7.6 9.6 8.8
Exceptional items:
Profit on sale of investments - 0.9 -
Profit/(loss) on sale of assets 4.1 4.5 1.2
Impairment of assets - (0.4) -
Total exceptional items 4.1 5.0 1.2
Taxation (1.6) (2.0) (0.4)
- -
Net exceptional items after tax and
minorities 2.5 3.0 0.8
Net earnings 60.4 74.1 98.3
Net earnings per share (cents) 9 11 20
Diluted earnings per share (cents) 9 11 20
Headline earnings 57.9 71.1 97.5
Headline earnings per share (cents) 9 11 20
Net earnings excluding gains and losses
on foreign exchange, financial instruments
and exceptional items 56.3 68.9 98.8
Net earnings per share excluding gains
and losses on foreign exchange, financial
instruments and exceptional items (cents) 9 11 20
South African ran d/United States dollar
conversion rate 7.10 7.09 7.10
South African rand/Australian dollar
conversion rate 6.02 5.89 5.38
Gold sold - managed ozs (000) 1,053 1,076 1,071
Gold price received $/oz 685 670 622
Total cash costs $/oz 435 405 350
Balance sheet
International Financial Reporting Standards Basis
Figures are in millions unless otherwise stated
South African Rand
September June
2007 2007
Property, plant and equipment 42,928. 0 41,970.8
Goodwill 4,458.9 4,458.9
Non-current assets 641.3 627.7
Investments 2,460.9 2,272.4
Current assets 5,180.0 6,061.2
- Other current assets 3,710.1 3,751.1
- Cash and deposits 1,469.9 2,310.1
Total assets 55,669.1 55,391.0
Shareholders` equity 37,036.5 37,106.3
Deferred taxation 5,998.9 5,979.6
Long-term loans 7,127.5 6,170.5
Environmental rehabilitation provisions 1,428.9 1,414.1
Post-retirement health care provisions 20.5 21.0
Current liabilities 4,056.8 4,699.5
- Other current liabilities 3,682.1 3,980.9
- Current portion of long-term loans 374.7 718.6
Total equity and liabilities 55,669.1 55,391.0
South African rand/US dollar conversion rate
South African rand/Australian dollar conversion rate
United States Dollars
September June
2007 2007
Property, plant and equipment 6,132.6 5,870.0
Goodwill 637.0 623.7
Non -current assets 91.6 87.8
Investments 351.6 317.8
Current assets 739.9 847.7
- Other current assets 529.9 524.6
- Cash and deposits 210.0 323.1
Total assets 7,952.7 7,747.0
Shareholders` equity 5,290.8 5,189.7
Deferred taxation 857.0 836.3
Long-term loans 1,018.2 863.0
Environmental rehabilitation provisions 204.1 197.8
Post-retirement health care provisions 2.9 2.9
Current liabilities 579.7 657.3
- Other current liabilities 526.2 556.8
- Current portion of long-term loans 53.5 100.5
Total equity and liabilities 7,952.7 7,747.0
South African rand/US dollar conversion rate 7.00 7.15
South African rand/Australian dollar conversion rate 6.05 6.06
Condensed changes in equity
International Financial Reporting Standards Basis
Figures are in millions unless otherwise stated
South African Rand
September September
2007 2006
Balance at the beginning of the financial year 37,106.3 19,851.5
Issue of share capital 0.1 0.4
Increase in share premium 8.5 31.8
Mark to market valuation of listed investments 217.3 242.8
Dividends paid (619.8) (545.4)
Increase in share-based payment reserve 22.4 19.1
Profit attributable to ordinary shareholders 428.6 697.8
Profit attributable to minority shareholders 54.2 62.7
Increase/(Decrease) in minority interests - (50.7)
Currency translation adjustment and other (181.1) 363.7
Balance as at the end of September 37,036.5 20,673.7
United States Dollars
September September
2007 2006
Balance at the beginning of the financial year 5,189.7 2,671.8
Issue of share capital - 0.1
Increase in share premium 1.2 4.5
Mark to market valuation of listed investments 30.6 34.2
Dividends paid (87.3) (76.8)
Increase in share-based payment reserve 3.2 2.7
Profit attributable to ordinary shareholders 60.3 98.3
Profit attributable to minority shareholders 7.6 8.8
Increase/(Decrease) in minority interests - (7.1)
Currency translation adjustment and other 85.5 (16.3)
Balance as at the end of September 5,290.8 2,720.2
Reconciliation of headline earnings with net earnings
International Financial Reporting Standards Basis
Figures are in millions unless otherwise stated
South African Rand
September June
2007 2007
Net earnings 428.6 527.5
Profit on sale of investments - (5.6)
Taxation effect of profit on sale of investments - 2.1
Profit on sale of assets (29.3) (32.4)
Taxation effect of profit on sale of assets 11.2 11.9
Other after tax adjustments - 2.8
Headline earnings 410.5 506.3
Headline earnings per share - cents 63 78
Based on headline earnings as given above divided by
652,219,625 for September F2007 (June F2007-
652,113,557 and F2006 - 495,449,657) being the weighted
average number of ordinary shares in issue for the period.
United States Dollars
September June
2007 2007
Net earnings 60.4 74.1
Profit on sale of investments - (0.9)
Taxation effect of profit on sale of investments - 0.3
Profit on sale of assets (4.1) (4.5)
Taxation effect of profit on sale of assets 1.6 1.7
Other after tax adjustments - 0.4
Headline earnings 57.9 71.1
Headline earnings per share - cents 9 11
Based on headline earnings as given above divided by
652,219,625 for September F2007 (June F2007-
652,113,557 and September F2006 - 495,449,657) being the weighted
average number of ordinary shares in issue for the period.
Cash flow statement
International Financial Reporting Standards Basis
Figures are in millions unless otherwise stated
South African Rand Quarter
September June September
2007 2007 2006
Cash flows from operating activities 985.3 1,969.3 1,609.3
Profit before tax and exceptional
items 745.2 926.6 1,216.0
Exceptional items 29.3 35.2 8.7
Amortisation and depreciation 782.9 871.5 680.7
Change in working capital (223.8) 274.0 9.9
Taxation paid (361.1) (136.7) (314.8)
Other non-cash items 12.8 (1.3) 8.8
Dividends paid (619.9) - (555.9)
Ordinary shareholders (619.9) - (545.4)
Minority shareholders in subsidiaries - - (10.5)
Cash flows from investing activities (1,932.8) (2,331.8) (1,307.2)
Capital expenditure - additions (1,956.3) (2,190.4) (1,188.0)
Capital expenditure - proceeds on
disposal 30.8 41.1 8.4
Purchase of subsidiaries - (25.0) -
Purchase of investments (2.4) (99.9) (121.4)
Proceeds on the disposal of
investments - 11.3 2.2
Environmental and post -retirement
health care payments (4.9) (68.9) (8.4)
Cash flows from financing activities 744.2 336.8 (168.9)
Loans received 908.6 5,324.1 -
Loans repaid (173.0) (5,003.0) (155.6)
Minority shareholders loans repaid - - (45.5)
Shares issued 8.6 15.7 32.2
Net cash (outflow )/inflow (823.2) (25.7) (422.7)
Translation adjustment (17.0) 8.0 29.1
Cash at beginning of period 2,310.1 2,327.8 1,617.5
Cash at end of period 1,469.9 2,310.1 1,223.9
United States Dollars Quarter
September June September
2007 2007 2006
Cash flows from operating activities 131.0 276.1 226.7
Profit before tax and exceptional items 104.9 130.3 171.3
Exceptional items 4.1 5.0 1.2
Amortisation and depreciation 110.3 122.3 95.9
Change in working capital (31.5) 37.8 1.4
Taxation paid (58.6) (19.1) (44.3)
Other non-cash items 1.8 (0.2) 1.2
Dividends paid (88.6) - (78.3)
Ordinary shareholders (88.6) - (76.8)
Minority shareholders in subsidiaries - (1.5)
Cash flows from investing activities (272.2) (331.2) (184.1)
Capital expenditure - additions (275.5) (306.4) (167.3)
Capital expenditure - proceeds on
disposal 4.3 5.7 1.2
Purchase of subsidiaries - (8.5) -
Purchase of investments (0.3) (14.2) (17.1)
Proceeds on the disposal of investments - 1.8 0.3
Environmental and post -retirement
health care payments (0.7) (9.6) (1.2)
Cash flows from financing activities 104.8 17.9 (23.8)
Loans received 128.0 718.0 -
Loans repaid (24.4) (708.1) (21.9)
Minority shareholders loans repaid - - (6.4)
Shares issued 1.2 8.0 4.5
Net cash (outflow )/inflow (125.0) (37.2) (59.5)
Translation adjustment 11.9 37.0 2.8
Cash at beginning of period 323.1 323.3 217.7
Cash at end of period 210.0 323.1 161.0
Hedging / Derivatives
The Group`s policy is to remain unhedged to the gold price. However, hedges are
sometimes undertaken on a project specific basis as follows:
to protect cash flows at times of significant expenditure,
for specific debt servicing requirements, and
to safeguard the viability of higher cost operations.
Gold Fields may from time to time establish currency financial instruments to
protect underlying cash flows.
Gold Fields has various currency financial instruments - those remaining are
described in the schedule.
Position at end of September 2007
US Dollars / Rand forward purchases
As a result of the draw down under a bridge loan facility to settle the
close-out of the Western Areas gold derivative structure, US dollars/rand
forward cover was purchased during the March quarter for the amount of US$550.8
million for settlement 6 August 2007, at an average forward rate of 7.3279. This
cover was established at an average spot rate of 7.1918. For accounting
purposes, this forward cover has been designated as a hedging instrument.
On 6 August 2007, this US dollars/rand forward cover was extended to 6 November
2007 at a rate of R7.1987 based on an average spot rate of 7.1000.
Year ended 30 June 2008
Forward purchases:
Amount (US dollars) - 000`s 550,800
Average rate - ZAR/US$ 7.1987
At the end of September 2007 the mark to market value of the US$550.8 million
forward cover was negative by R86.2 million (US$12.3 million). The quarter on
quarter mark to market movement was negative R134.8 million of which R82.4
million was offset against the R82.4 million foreign exchange gains on the
revaluation of the underlying loan being hedged. The balance of R52.4 million
represents the forward cover point costs and this has been included in the
interest cost in the income statement.
On 27 July 2007 US dollars/ rand forward cover of US$40 million was purchased
to hedge future investments in Orogen, a 100% owned subsidiary. The forward
cover rate is 7.1884, based on a spot rate of 7.1000, with a maturity on 30
October 2007. For accounting purposes this forward cover has been designated as
a hedging instrument and the valuation interest is included in shareholder
equity. At the end of September 2007 the mark to market value was negative by
R6.2 million (US$0.9 million).
Year ended 30 June 2008
Forward purchases:
Amount (US dollars) - 000`s 40,000
Average rate - ZAR/US$ 7.1884
At the end of September 2007 the mark to market value was negative by R6.2
million (US$0.9 million).
Diesel Hedge
On 28 June 2007, Gold Fields Ghana Holdings (BVI) Ltd purchased a three month
Asian style option in respect of 15 million litres of diesel, starting 1 July
2007. The call option resulted in a premium of US$0.3 million, paid upfront,
at a strike rate of US$0.5572 per litre. The mark to market value at the end of
September 2007 was positive by US$0.1 million. On 20 August 2007, Gold Fields
Ghana Holdings (BVI) Ltd purchased a further three month Asian style option in
respect of 15 million litres of diesel, starting 1 October 2007. The call
option resulted in a premium of US$0.4 million, paid upfront, at a strike rate
of US$0.5572 per litre. The mark to market value at the end of September 2007
was positive by US$0.7 million.
Amended Mvela Subscription and Exchange Agreement Election
Gold Fields, Mvela Gold, Mvela Resources and GFIMSA entered into an agreement,
amending the Subscription and Exchange Agreement to provide that Mvela Resources
may acquire a minimum of 45,000,000 and a maximum of 55,000,000 Gold Fields
shares should it elect to exchange its equity interest in GFIMSA for Gold
Fields` shares. The mark to market valuation of this floor and cap derivative
was an unrealised gain of R32.1 million at the end of the quarter.
Total cash costs
Gold Industry Standards Basis
Figures are in millions unless otherwise stated
Total Mine
Operations
Operating costs (1)
September 2007 3,391.2
June 2007 3,289.7
Gold-in-process and
inventory change*
September 2007 (16.8)
June 2007 (90.4)
Less: Rehabilitation costs
September 2007 14.5
June 2007 9.3
Production taxes
September 2007 9.0
June 2007 2.3
General and admin
September 2007 151.0
June 2007 143.0
Exploration costs
September 2007 9.1
June 2007 11.8
Cash operating costs
September 2007 3,190.8
June 2007 3,032.9
Plus: Production taxes
September 2007 9.0
June 2007 2.3
Royalties
September 2007 48.8
June 2007 51.7
TOTAL CASH COSTS (2)
September 2007 3,248.6
June 2007 3,086.9
Plus: Amortisation*
September 2007 758.6
June 2007 819.9
Rehabilitation
September 2007 14.5
June 2007 9.3
TOTAL PRODUCTION COSTS (3)
September 2007 4,021.7
June 2007 3,916.1
Gold sold
- thousand ounces
September 2007 1,052.6
June 2007 1,075.6
TOTAL CASH COSTS
- US$/oz
September 2007 435
June 2007 405
TOTAL CASH COSTS
- R/kg
September 2007 99,227
June 2007 92,273
TOTAL PRODUCTION COSTS
September 2007 538
June 2007 514
- US$/oz
South African Operations
Total Driefontein Kloof
Operating costs (1)
September 2007 2,114.0 723.5 660.6
June 2007 2,027.4 683.7 648.0
Gold-in-process and
inventory change*
September 2007 - - -
June 2007 - - -
Less: Rehabilitation costs
September 2007 10.5 4.4 3.3
June 2007 6.8 3.0 2.0
Production taxes
September 2007 9.0 2.9 2.7
June 2007 2.3 (0.2) 2.6
General and admin
September 2007 83.2 30.3 25.9
June 2007 79.3 28.1 24.6
Exploration costs
September 2007 - - -
June 2007 - - -
Cash operating costs
September 2007 2,011.3 685.9 628.7
June 2007 1,939.0 652.8 618.8
Plus: Production taxes
September 2007 9.0 2.9 2.7
June 2007 2.3 (0.2) 2.6
Royalties
September 2007 - - -
June 2007 - - -
TOTAL CASH COSTS (2)
September 2007 2,020.3 688.8 631.4
June 2007 1,941.3 652.6 621.4
Plus: Amortisation*
September 2007 436.5 144.9 159.1
June 2007 420.4 121.9 128.6
Rehabilitation
September 2007 10.5 4.4 3.3
June 2007 6.8 3.0 2.0
TOTAL PRODUCTION COSTS (3)
September 2007 2,467.3 838.1 793.8
June 2007 2,368.5 777.5 752.0
Gold sold
- thousand ounces
September 2007 689.2 260.4 235.3
June 2007 685.3 260.5 229.6
TOTAL CASH COSTS
- US$/oz
September 2007 413 373 378
June 2007 400 353 382
TOTAL CASH COSTS
- R/kg
September 2007 94,248 85,058 86,269
June 2007 91,072 80,538 87,019
TOTAL PRODUCTION COSTS
September 2007 504 453 475
June 2007 487 421 462
- US$/oz
South African Operations
South
Beatrix Deep Total
Operating costs (1)
September 2007 415.5 314.4 1,277.2
June 2007 392.2 303.5 1,262.3
Gold-in-process and
inventory change*
September 2007 - - (16.8)
June 2007 - - (90.4)
Less: Rehabilitation costs
September 2007 2.1 0.7 4.0
June 2007 1.7 0.1 2.5
Production taxes
September 2007 1.9 1.5 -
June 2007 (1.6) 1.5 -
General and admin
September 2007 19.0 8.0 67.8
June 2007 16.0 10.6 63.7
Exploration costs
September 2007 - - 9.1
June 2007 - - 11.8
Cash operating costs
September 2007 392.5 304.2 1,179.5
June 2007 376.1 291.3 1,093.9
Plus: Production taxes
September 2007 1.9 1.5 -
June 2007 (1.6) 1.5 -
Royalties
September 2007 - - 48.8
June 2007 - - 51.7
TOTAL CASH COSTS (2)
September 2007 394.4 305.7 1,228.3
June 2007 374.5 292.8 1,145.6
Plus: Amortisation*
September 2007 63.9 68.6 322.1
June 2007 92.0 77.9 399.5
Rehabilitation
September 2007 2.1 0.7 4.0
June 2007 1.7 0.1 2.5
TOTAL PRODUCTION COSTS (3)
September 2007 460.4 375.0 1,554.4
June 2007 468.2 370.8 1,547.6
Gold sold
- thousand ounces
September 2007 119.2 74.3 363.4
June 2007 125.7 69.5 390.2
TOTAL CASH COSTS
- US$/oz
September 2007 466 579 476
June 2007 420 594 414
TOTAL CASH COSTS
- R/kg
September 2007 106,393 132,223 108,670
June 2007 95,805 135,368 94,381
TOTAL PRODUCTION COSTS
September 2007 544 711 602
June 2007 525 752 559
- US$/oz
International Operations
Ghana
Tarkwa Damang
Operating costs (1)
September 2007 454.2 171.8
June 2007 443.4 164.9
Gold-in-process and
inventory change*
September 2007 (2.1) (16.6)
June 2007 (68.7) (2.2)
Less: Rehabilitation costs
September 2007 1.2 -
June 2007 0.7 -
Production taxes
September 2007 - -
June 2007 - -
General and admin
September 2007 22.6 4.3
June 2007 25.8 3.5
Exploration costs
September 2007 - 2.8
June 2007 - 5.7
Cash operating costs
September 2007 428.3 148.1
June 2007 348.2 153.5
Plus: Production taxes
September 2007 - -
June 2007 - -
Royalties
September 2007 21.6 6.4
June 2007 24.3 5.7
TOTAL CASH COSTS (2)
September 2007 449.9 154.5
June 2007 372.5 159.2
Plus: Amortisation*
September 2007 74.7 14.1
June 2007 82.2 9.5
Rehabilitation
September 2007 1.2 -
June 2007 0.7 -
TOTAL PRODUCTION COSTS (3)
September 2007 525.8 168.6
June 2007 455.4 168.7
Gold sold
- thousand ounces
September 2007 149.6 46.5
June 2007 170.5 39.3
TOTAL CASH COSTS
- US$/oz
September 2007 423 468
June 2007 308 572
TOTAL CASH COSTS
- R/kg
September 2007 96,670 106,920
June 2007 70,243 130,278
TOTAL PRODUCTION COSTS
September 2007 495 511
June 2007 377 605
- US$/oz
International Operations
Venezuela Australia #
Choco 10 St Ives Agnew
Operating costs (1)
September 2007 99.3 402.5 149.4
June 2007 76.0 390.4 187.6
Gold-in-process and
inventory change*
September 2007 (13.5) 8.1 7.3
June 2007 (11.2) 30.9 (39.2)
Less: Rehabilitation costs
September 2007 - 2.2 0.6
June 2007 - 1.8 -
Production taxes
September 2007 - - -
June 2007 - - -
General and admin
September 2007 20.8 14.6 5.5
June 2007 18.2 11.6 4.6
Exploration costs
September 2007 - 5.6 0.7
June 2007 - 6.0 0.1
Cash operating costs
September 2007 65.0 388.2 149.9
June 2007 46.6 401.9 143.7
Plus: Production taxes
September 2007 - - -
June 2007 - - -
Royalties
September 2007 2.6 12.4 5.8
June 2007 1.2 14.1 6.4
TOTAL CASH COSTS (2)
September 2007 67.6 400.6 155.7
June 2007 47.8 416.0 150.1
Plus: Amortisation*
September 2007 9.2 224.1
June 2007 5.2 302.6
Rehabilitation
September 2007 - 2.8
June 2007 - 1.8
TOTAL PRODUCTION COSTS (3)
September 2007 76.8 783.2
June 2007 53.0 870.5
Gold sold
- thousand ounces
September 2007 13.9 102.4 51.0
June 2007 7.4 119.5 53.5
TOTAL CASH COSTS
- US$/oz
September 2007 684 551 430
June 2007 912 491 395
TOTAL CASH COSTS
- R/kg
September 2007 156,120 125,777 98,172
June 2007 207,826 111,888 90,150
TOTAL PRODUCTION COSTS
September 2007 777 719
June 2007 1,010 710
- US$/oz
DEFINITIONS
Total cash costs and Total production costs are calculated in accordance with
the Gold Institute Industry standard.
(1) Operating costs - All gold mining related costs before
amortisation/depreciation, changes in gold inventory, taxation and exceptional
items.
(2) Total cash costs - Operating costs less off -mine costs, which include
general and administration costs, as detailed in the table above.
(3) Total production costs - Total cash costs plus amortisation/depreciation
and rehabilitation provisions, as detailed in the table above.
* Adjusted for amortisation/depreciation (non-cash item) excluded from
gold-in-process change.
Average exchange rates are US$1 = R7.10 and
US$1 = R7.09 for the September 2007 and June 2007 quarters respectively.
# As a significant portion of the acquisition price was allocated to tenements
of St Ives and Agnew based on endowment ounces and also as these two Australian
operations are entitled to transfer and then off-set tax losses from one
company to another, it is not meaningful to split the income statement below
operating profit.
Operating and financial results
South African Rand Total Mine
Operations
Operating Results
Ore milled/treated (000 tons)
September 2007 12,751
June 2007 12,817
Yield (grams per ton)
September 2007 2.6
June 2007 2.6
Gold produced (kilograms)
September 2007 32,961
June 2007 33,454
Gold sold (kilograms)
September 2007 32,739
June 2007 33,454
Gold price received (Rand per kilogram)
September 2007 156,355
June 2007 152,825
Total cash costs (Rand per kilogram)
September 2007 99,227
June 2007 92,273
Total production costs (Rand per kilogram)
September 2007 122,841
June 2007 117,059
Operating costs (Rand per ton)
September 2007 266
June 2007 257
Financial Results (Rand million)
Revenue
September 2007 5,118.9
June 2007 5,112.6
Operating costs, net
September 2007 3,387.7
June 2007 3,163.0
- Operating costs
September 2007 3,391.2
June 2007 3,289.7
- Gold inventory change
September 2007 (3.5)
June 2007 (126.7)
Operating profit
September 2007 1,731.2
June 2007 1,949.6
Amortisation of mining assets
September 2007 745.3
June 2007 856.4
Net operating profit
September 2007 985.9
June 2007 1,093.2
Other income/(expense)
September 2007 (29.9)
June 2007 18.0
Profit before taxation
September 2007 956.0
June 2007 1,111.2
Mining and income taxation
September 2007 339.1
June 2007 372.2
- Normal taxation
September 2007 221.6
June 2007 218.6
- Deferred taxation
September 2007 117.5
June 2007 153.6
Profit before exceptional items
September 2007 616.9
June 2007 739.0
Exceptional items
September 2007 29.3
June 2007 36.2
Net profit
September 2007 646.2
June 2007 775.2
Net profit excluding gains and losses on
foreign exchange, financial instruments and
exceptional items
September 2007 637.9
June 2007 753.5
Capital expenditure
September 2007 1,327.7
June 2007 1,534.6
Planned for next
six months to March 2008 3,466.4
South African Rand South African Operations
Total Driefontein Kloof
Operating Results
Ore milled/treated (000 tons)
September 2007 3,922 1,532 994
June 2007 3,874 1,642 931
Yield (grams per ton)
September 2007 5.5 5.3 7.4
June 2007 5.5 4.9 7.7
Gold produced (kilograms)
September 2007 21,436 8,098 7,319
June 2007 21,316 8,103 7,141
Gold sold (kilograms)
September 2007 21,436 8,098 7,319
June 2007 21,316 8,103 7,141
Gold price received (Rand per kilogram)
September 2007 154,926 154,334 154,926
June 2007 152,059 152,030 152,192
Total cash costs (Rand per kilogram)
September 2007 94,248 85,058 86,269
June 2007 91,072 80,538 87,019
Total production costs (Rand per
kilogram)
September 2007 115,101 103,495 108,457
June 2007 111,114 95,952 105,307
Operating costs (Rand per ton)
September 2007 539 472 665
June 2007 523 416 696
Financial Results (Rand million)
Revenue
September 2007 3,321.0 1,249.8 1,133.9
June 2007 3,241.3 1,231.9 1,086.8
Operating costs, net
September 2007 2,114.0 723.5 660.6
June 2007 2,027.4 683.7 648.0
- Operating costs
September 2007 2,114.0 723.5 660.6
June 2007 2,027.4 683.7 648.0
- Gold inventory change
September 2007
June 2007 - - -
Operating profit
September 2007 1,207.0 526.3 473.3
June 2007 1,213.9 548.2 438. 8
Amortisation of mining assets
September 2007 436.5 144.9 159.1
June 2007 420.4 121.9 128.6
Net operating profit
September 2007 770.5 381.4 314.2
June 2007 793.5 426.3 310.2
Other income/(expense)
September 2007 (53.3) (19.6) (11.5)
June 2007 (21.2) (0.6) (5.6)
Profit before taxation
September 2007 717.2 361.8 302. 7
June 2007 772.3 425.7 304.6
Mining and income taxation
September 2007 265.1 139.4 104.0
June 2007 264.0 146.8 97.3
- Normal taxation
September 2007 157.5 97.6 59.6
June 2007 116.6 54.8 61.5
- Deferred taxation
September 2007 107.6 41.8 44.4
June 2007 147.4 92.0 35.8
Profit before exceptional items
September 2007 452.1 222.4 198.7
June 2007 508.3 278.9 207.3
Exceptional items
September 2007 29.1 21.7 0.4
June 2007 33.3 19.0 0.3
Net profit
September 2007 481.2 244.1 199.1
June 2007 541.6 297.9 207.6
Net profit excluding gains and losses on
foreign exchange, financial instruments
and exceptional items
September 2007 469.9 230.6 198.9
June 2007 520.5 285.9 207.4
Capital expenditure
September 2007 739.8 219.3 217.5
June 2007 878.4 298.0 208.9
Planned for next
six months to March 2008 1,843.1 636.3 466.0
South African Rand South African Operations
Beatrix South Deep
Operating Results
Ore milled/treated (000 tons)
September 2007 913 483
June 2007 864 437
Yield (grams per ton)
September 2007 4.1 4.8
June 2007 4.5 4.9
Gold produced (kilograms)
September 2007 3,707 2,312
June 2007 3,909 2,163
Gold sold (kilograms)
September 2007 3,707 2,312
June 2007 3,909 2,163
Gold price received (Rand per kilogram)
September 2007 155,975 155,320
June 2007 151,317 153,074
Total cash costs (Rand per kilogram)
September 2007 106,393 132,223
June 2007 95,805 135,368
Total production costs (Rand per kilogram)
September 2007 124,197 162,197
June 2007 119,775 171,429
Operating costs (Rand per ton)
September 2007 455 651
June 2007 454 695
Financial Results (Rand million)
Revenue
September 2007 578.2 359.1
June 2007 591.5 331.1
Operating costs, net
September 2007 415.5 314.4
June 2007 392.2 303.5
- Operating costs
September 2007 415.5 314.4
June 2007 392.2 303.5
- Gold inventory change
September 2007
June 2007 - -
Operating profit
September 2007 162.7 44.7
June 2007 199.3 27.6
Amortisation of mining assets
September 2007 63.9 68.6
June 2007 92.0 77.9
Net operating profit
September 2007 98.8 (23.9)
June 2007 107.3 (50.3)
Other income/(expense)
September 2007 (11.0) (11.2)
June 2007 (14.0) (1.0)
Profit before taxation
September 2007 87.8 (35.1)
June 2007 93.3 (51.3)
Mining and income taxation
September 2007 33.1 (11.4)
June 2007 37.1 (17.2)
- Normal taxation
September 2007 0.3 -
June 2007 0.3 -
- Deferred taxation
September 2007 32.8 (11.4)
June 2007 36.8 (17.2)
Profit before exceptional items
September 2007 54.7 (23.7)
June 2007 56.2 (34.1)
Exceptional items
September 2007 0.3 6.7
June 2007 5.6 8.4
Net profit
September 2007 55.0 (17.0)
June 2007 61.8 (25.7)
Net profit excluding gains and losses on
foreign exchange, financial instruments and
exceptional items
September 2007 54.8 (14.4)
June 2007 58.4 (31.2)
Capital expenditure
September 2007 133.8 169.2
June 2007 207.4 164.1
Planned for next
six months to March 2008 285.2 455.6
Operating and financial results
South African Rand Total
Operating Results
Ore milled/treated (000 tons)
September 2007 8,829
June 2007 8,943
Yield (grams per ton)
September 2007 1.3
June 2007 1.4
Gold produced (kilograms)
September 2007 11,525
June 2007 12,138
Gold sold (kilograms)
September 2007 11,303
June 2007 12,138
Gold price received (Rand per kilogram)
September 2007 159,064
June 2007 154,169
Total cash costs (Rand per kilogram)
September 2007 108,670
June 2007 94,381
Total production costs (Rand per kilogram)
September 2007 137,521
June 2007 127,500
Operating costs (Rand per ton)
September 2007 145
June 2007 141
Financial Results (Rand million)
Revenue
September 2007 1,797.9
June 2007 1,871.3
Operating costs, net
September 2007 1,273.7
June 2007 1,135.6
- Operating costs
September 2007 1,277.2
June 2007 1,262.3
- Gold inventory change
September 2007 (3.5)
June 2007 (126.7)
Operating profit
September 2007 524.2
June 2007 735.7
Amortisation of mining assets
September 2007 308.8
June 2007 436.0
Net operating profit
September 2007 215.4
June 2007 299.7
Other income/(expense)
September 2007 23.4
June 2007 39.2
Profit before taxation
September 2007 238.8
June 2007 338.9
Mining and income taxation
September 2007 74.0
June 2007 108.2
- Normal taxation
September 2007 64.1
June 2007 102.0
- Deferred taxation
September 2007 9.9
June 2007 6.2
Profit before exceptional items
September 2007 164.8
June 2007 230.7
Exceptional items
September 2007 0.2
June 2007 2.9
Net profit
September 2007 165.0
June 2007 233.6
Net profit excluding gains and losses on
foreign exchange, financial instruments and
exceptional items
September 2007 168.0
June 2007 233.0
Capital expenditure
September 2007 587.9
June 2007 656.2
Planned for next
six months to March 2008 1,623.3
Operating and financial results International Operations
South African Rand Ghana Venezuela
Tarkwa Damang Choco 10
Operating Results
Ore milled/treated (000 tons)
September 2007 5,213 1,124 401
June 2007 5,642 1,242 147
Yield (grams per ton)
September 2007 0.9 1.3 1.2
June 2007 0.9 1.0 1.6
Gold produced (kilograms)
September 2007 4,790 1,475 489
June 2007 5,303 1,222 230
Gold sold (kilograms)
September 2007 4,654 1,445 433
June 2007 5,303 1,222 230
Gold price received (Rand per kilogram)
September 2007 155,028 154,948 232,564
June 2007 152,970 152,537 198,261
Total cash costs (Rand per kilogram)
September 2007 96,670 106,920 156,120
June 2007 70,243 130,278 207,826
Total production costs (Rand per kilogram)
September 2007 112,978 116,678 177,367
June 2007 85,876 138,052 230,435
Operating costs (Rand per ton)
September 2007 87 153 248
June 2007 79 133 517
Financial Results (Rand million)
Revenue
September 2007 721.5 223.9 100.7
June 2007 811.2 186.4 45.6
Operating costs, net
September 2007 451.3 155.2 85.8
June 2007 374.0 162.7 64.7
- Operating costs
September 2007 454.2 171.8 99.3
June 2007 443.4 164.9 76.0
- Gold inventory change
September 2007 (2.9) (16.6) (13.5)
June 2007 (69.4) (2.2) (11.3)
Operating profit
September 2007 270.2 68.7 14.9
June 2007 437.2 23.7 (19.1)
Amortisation of mining assets
September 2007 75.5 14.1 9.2
June 2007 82.9 9.4 5.3
Net operating profit
September 2007 194.7 54.6 5.7
June 2007 354.3 14.3 (24.4)
Other income/(expense)
September 2007 1.0 0.2 (1.8)
June 2007 2.1 0.3 9.8
Profit before taxation
September 2007 195.7 54.8 6.1
June 2007 356.4 14.6 (14.6)
Mining and income taxation
September 2007 46.0 16.3 3.6
June 2007 121.4 7.8 (5.1)
- Normal taxation
September 2007 36.5 6.7 2.7
June 2007 25.9 6.0 (15.6)
- Deferred taxation
September 2007 9.5 9.6 0.9
June 2007 95.5 1.8 10.5
Profit before exceptional items
September 2007 149.7 38.5 0.3
June 2007 235.0 6.8 (9.5)
Exceptional items
September 2007 - - -
June 2007 - - (1.3)
Net profit
September 2007 149.7 38.5 0.3
June 2007 235.0 6.8 (10.8)
Net profit excluding gains and losses on
foreign exchange, financial instruments and
exceptional items
September 2007 149.0 38.2 1.1
June 2007 234.8 7.1 (9.9)
Capital expenditure
September 2007 306.7 52.1 39.8
June 2007 345.4 62.7 33.1
Planned for next
six months to March 2008 881.3 120.4 135.8
Operating and financial results International Operations
South African Rand Australia #
St Ives Agnew
Operating Results
Ore milled/treated (000 tons)
September 2007 1,757 334
June 2007 1,575 337
Yield (grams per ton)
September 2007 1.8 4.7
June 2007 2.4 4.9
Gold produced (kilograms)
September 2007 3,185 1,586
June 2007 3,718 1,665
Gold sold (kilograms)
September 2007 3,185 1,586
June 2007 3,718 1,665
Gold price received (Rand per kilogram)
September 2007 156,609 159,521
June 2007 153,335 154,955
Total cash costs (Rand per kilogram)
September 2007 125,777 98,172
June 2007 111,888 90,150
Total production costs (Rand per kilogram)
September 2007 164,158
June 2007 161,713
Operating costs (Rand per ton)
September 2007 229 447
June 2007 248 557
Financial Results (Rand million)
Revenue
September 2007 498.8 253.0
June 2007 570.1 258.0
Operating costs, net
September 2007 413.2 168.2
June 2007 433.3 100.9
- Operating costs
September 2007 402.5 149.4
June 2007 390.4 187.6
- Gold inventory change
September 2007 10.7 18.8
June 2007 42.9 (86.7)
Operating profit
September 2007 85.6 84.8
June 2007 136.8 157.1
Amortisation of mining assets
September 2007 210.0
June 2007 338.4
Net operating profit
September 2007 (39.6)
June 2007 (44.5)
Other income/(expense)
September 2007 24.0
June 2007 27.0
Profit before taxation
September 2007 (15.6)
June 2007 (17.5)
Mining and income taxation
September 2007 8.1
June 2007 (15.9)
- Normal taxation
September 2007 18.2
June 2007 85.7
- Deferred taxation
September 2007 (10.1)
June 2007 (101.6)
Profit before exceptional items
September 2007 (23.7)
June 2007 (1.6)
Exceptional items
September 2007 0.2
June 2007 4.2
Net profit
September 2007 (23.5)
June 2007 2.6
Net profit excluding gains and losses on
foreign exchange, financial instruments and
exceptional items
September 2007 (20.3)
June 2007 1.0
Capital expenditure
September 2007 151.5 37.8
June 2007 155.0 60.0
Planned for next
six months to March 2008 363.6 122.2
Operating and financial results
United States Dollars Total Mine
Operations
Operating Results
Ore milled/treated (000 tons)
September 2007 12,751
June 2007 12,817
Yield (ounces per ton)
September 2007 0.083
June 2007 0.084
Gold produced (000 ounces)
September 2007 1,059.7
June 2007 1,075.6
Gold sold (000 ounces)
September 2007 1,052.6
June 2007 1,075.6
Gold price received (dollars per ounce)
September 2007 685
June 2007 670
Total cash costs (dollars per ounce)
September 2007 435
June 2007 405
Total production costs (dollars per ounce)
September 2007 538
June 2007 514
Operating costs (dollars per ton)
September 2007 37
June 2007 36
Financial Results ($ million)
Revenue
September 2007 721.0
June 2007 718.5
Operating costs, net
September 2007 477.1
June 2007 444.4
- Operating costs
September 2007 477.6
June 2007 462.0
- Gold inventory change
September 2007 (0.5)
June 2007 (17.6)
Operating profit
September 2007 243.9
June 2007 274.1
Amortisation of mining assets
September 2007 105.0
June 2007 120.3
Net operating profit
September 2007 138.8
June 2007 153.9
Other income/(expenses)
September 2007 (4.2)
June 2007 2.5
Profit before taxation
September 2007 134.5
June 2007 156.3
Mining and income taxation
September 2007 47.8
June 2007 52.4
- Normal taxation
September 2007 31.2
June 2007 30.7
- Deferred taxation
September 2007 16.5
June 2007 21.7
Profit before exceptional items
September 2007 86.8
June 2007 103.8
Exceptional items
September 2007 4.1
June 2007 5.1
Net profit
September 2007 90.9
June 2007 108.9
Net profit excluding gains and losses on
foreign exchange, financial instruments and
exceptional items
September 2007 89.8
June 2007 108.8
Capital expenditure
September 2007 187.0
June 2007 213.9
Planned for next
six months to March 2008 495.2
Operating and financial results
United States Dollars South African Operations
Total Driefontein Kloof
Operating Results
Ore milled/treated (000 tons)
September 2007 3,922 1,532 994
June 2007 3,874 1,642 931
Yield (ounces per ton)
September 2007 0.176 0.170 0.237
June 2007 0.177 0.159 0.247
Gold produced (000 ounces)
September 2007 689.2 260.4 235.3
June 2007 685.3 260.5 229.6
Gold sold (000 ounces)
September 2007 689.2 260.4 235.3
June 2007 685.3 260.5 229.6
Gold price received (dollars per ounce)
September 2007 679 676 679
June 2007 667 667 668
Total cash costs (dollars per ounce)
September 2007 413 373 378
June 2007 400 353 382
Total production costs (dollars per ounce)
September 2007 504 453 475
June 2007 487 421 462
Operating costs (dollars per ton)
September 2007 76 67 94
June 2007 74 59 98
Financial Results ($ million)
Revenue
September 2007 467.7 176.0 159.7
June 2007 455.3 173.1 152.7
Operating costs, net
September 2007 297.7 101.9 93.0
June 2007 284.7 96.1 91.1
- Operating costs
September 2007 297.7 101.9 93.0
June 2007 284.7 96.1 91.1
- Gold inventory change
September 2007 - - -
June 2007 - - -
Operating profit
September 2007 170.0 74.1 66.7
June 2007 170.4 76.9 61.6
Amortisation of mining assets
September 2007 61.5 20.4 22.4
June 2007 59.0 17.2 18.1
Net operating profit
September 2007 108.5 53.7 44.3
June 2007 111.5 59.7 43.5
Other income/(expenses)
September 2007 (7.5) (2.8) (1.6)
June 2007 (3.0) (0.1) (0.8)
Profit before taxation
September 2007 101.0 51.0 42.6
June 2007 108.5 59.7 42.7
Mining and income taxation
September 2007 37.3 19.6 14.6
June 2007 37.1 20.5 13.7
- Normal taxation
September 2007 22.2 13.7 8.4
June 2007 16.4 7.8 8.6
- Deferred taxation
September 2007 15.2 5.9 6.3
June 2007 20.7 12.8 5.1
Profit before exceptional items
September 2007 63.7 31.2 28.0
June 2007 71.4 39.1 29.0
Exceptional items
September 2007 4.1 3.1 0.1
June 2007 4.6 2.7 -
Net profit
September 2007 67.8 34.4 28.1
June 2007 76.0 41.8 29.1
Net profit excluding gains and losses on
foreign exchange, financial instruments and
exceptional items
September 2007 66.2 32.5 28.0
June 2007 75.6 41.3 29.2
Capital expenditure
September 2007 104.2 30.9 30.6
June 2007 122.0 41.4 29.0
Planned for next
six months to March 2008 263.3 90.9 66.6
Operating and financial results
United States Dollars South African Operations
Beatrix South Deep
Operating Results
Ore milled/treated (000 tons)
September 2007 913 483
June 2007 864 437
Yield (ounces per ton)
September 2007 0.131 0.154
June 2007 0.145 0.159
Gold produced (000 ounces)
September 2007 119.2 74.3
June 2007 125.7 69.5
Gold sold (000 ounces)
September 2007 119.2 74.3
June 2007 125.7 69.5
Gold price received (dollars per ounce)
September 2007 683 680
June 2007 664 672
Total cash costs (dollars per ounce)
September 2007 466 579
June 2007 420 594
Total production costs (dollars per ounce)
September 2007 544 711
June 2007 525 752
Operating costs (dollars per ton)
September 2007 64 92
June 2007 64 98
Financial Results ($ million)
Revenue
September 2007 81.4 50.6
June 2007 83.2 46.2
Operating costs, net
September 2007 58.5 44.3
June 2007 55.2 42.4
- Operating costs
September 2007 58.5 44.3
June 2007 55.2 42.4
- Gold inventory change
September 2007 - -
June 2007 - -
Operating profit
September 2007 22.9 6.3
June 2007 28.1 3.9
Amortisation of mining assets
September 2007 9.0 9.7
June 2007 12.9 10.9
Net operating profit
September 2007 13.9 (3.4)
June 2007 15.2 (7.0)
Other income/(expenses)
September 2007 (1.5) (1.6)
June 2007 (1.9) (0.1)
Profit before taxation
September 2007 12.4 (4.9)
June 2007 13.3 (7.1)
Mining and income taxation
September 2007 4.7 (1.6)
June 2007 5.3 (2.4)
- Normal taxation
September 2007 0.1 -
June 2007 0.1 -
- Deferred taxation
September 2007 4.6 (1.6)
June 2007 5.3 (2.4)
Profit before exceptional items
September 2007 7.8 (3.3)
June 2007 7.9 (4.7)
Exceptional items
September 2007 - 0.9
June 2007 0.8 1.2
Net profit
September 2007 7.8 (2.4)
June 2007 8.7 (3.6)
Net profit excluding gains and losses on
foreign exchange, financial instruments and
exceptional items
September 2007 7.7 (2.0)
June 2007 9.6 (4.4)
Capital expenditure
September 2007 18.8 23.8
June 2007 28.8 22.8
Planned for next
six months to March 2008 40.7 65.1
Average exchange rates were US$1 = R7.10 and US$1 = R7.09 for the September
2007 and June 2007 quarters respectively. The Australian dollar exchange rates
were A$1 = R6.02 and A$1 = R5.89 for the September 2007 and June 2007 quarters
respectively.
# As a significant portion of the acquisition price was allocated
to tenements of St Ives and Agnew on endowment ounces and also as these two
Australian operations are entitled to transfer and then off-set tax losses from
one company to another, it is not meaningful to split the income statement
below operating profit. Figures may not add as they are rounded independently.
Operating and financial results
United States Dollars Total
Operating Results
Ore milled/treated (000 tons)
September 2007 8,829
June 2007 8,943
Yield (ounces per ton)
September 2007 0.042
June 2007 0.044
Gold produced(000 ounces)
September 2007 370.5
June 2007 390.2
Gold sold (000 ounces)
September 2007 363.4
June 2007 390.2
Gold price received
(dollars per ounce)
September 2007 697
June 2007 676
Total cash costs
(dollars per ounce)
September 2007 476
June 2007 414
Total production costs
(dollars per ounce)
September 2007 602
June 2007 559
Operating costs
(dollars per ton)
September 2007 20
June 2007 20
Financial Results ($ million)
Revenue
September 2007 253.2
June 2007 263.2
Operating costs, net
September 2007 179.4
June 2007 159.7
- Operating costs
September 2007 179.9
June 2007 177.3
- Gold inventory change
September 2007 (0.5)
June 2007 (17.6)
Operating profit
September 2007 73.8
June 2007 103.7
Amortisation of mining assets
September 2007 43.5
June 2007 61.3
Net operating profit
September 2007 30.2
June 2007 42.4
Other income/(expenses)
September 2007 3.3
June 2007 5.4
Profit before taxation
September 2007 33.5
June 2007 47.8
Mining and income taxation
September 2007 10.4
June 2007 15.3
- Normal taxation
September 2007 9.0
June 2007 14.3
- Deferred taxation
September 2007 1.4
June 2007 0.9
Profit before exceptional items
September 2007 23.1
June 2007 32.5
Exceptional items
September 2007 -
June 2007 0.4
Net profit
September 2007 23.1
June 2007 33.0
Net profit excluding gains and
losses on foreign exchange,
financial instruments and
exceptional items
September 2007 23.7
June 2007 33.1
Capital expenditure
September 2007 82.8
June 2007 91.9
Planned for next
six months to March 2008 231.9
International Operations
United States Dollars Ghana Venezuela
Tarkwa Damang Choco 10
Operating Results
Ore milled/treated (000 tons)
September 2007 5,213 1,124 401
June 2007 5,642 1,242 147
Yield (ounces per ton)
September 2007 0.030 0.042 0.039
June 2007 0.030 0.032 0.050
Gold produced(000 ounces)
September 2007 154.0 47.4 15.7
June 2007 170.5 39.3 7.4
Gold sold (000 ounces)
September 2007 149.6 46.5 13.9
June 2007 170.5 39.3 7.4
Gold price received
(dollars per ounce)
September 2007 679 679 1,019
June 2007 671 669 870
Total cash costs
(dollars per ounce)
September 2007 423 468 684
June 2007 308 572 912
Total production costs
(dollars per ounce)
September 2007 495 511 777
June 2007 377 605 1,010
Operating costs
(dollars per ton)
September 2007 12 22 35
June 2007 11 19 73
Financial Results ($ million)
Revenue
September 2007 101.6 31.5 14.2
June 2007 114.0 26.3 6.4
Operating costs, net
September 2007 63.5 21.9 12.1
June 2007 52.8 22.8 9.1
- Operating costs
September 2007 64.0 24.2 14.0
June 2007 62.4 23.2 10.7
- Gold inventory change
September 2007 (0.4) (2.3) (1.9)
June 2007 (9.6) (0.3) (1.6)
Operating profit
September 2007 38.1 9.7 2.1
June 2007 61.3 3.5 (2.6)
Amortisation of mining assets
September 2007 10.6 2.0 1.3
June 2007 11.7 1.4 0.8
Net operating profit
September 2007 27.4 7.7 0.8
June 2007 49.6 2.1 (3.4)
Other income/(expenses)
September 2007 0.1 - (0.3)
June 2007 0.3 - 1.3
Profit before taxation
September 2007 27.6 7.7 0.5
June 2007 49.9 2.1 (2.1)
Mining and income taxation
September 2007 6.5 2.3 0.5
June 2007 17.1 1.0 (0.7)
- Normal taxation
September 2007 5.1 0.9 0.4
June 2007 3.8 0.8 (2.1)
- Deferred taxation
September 2007 1.3 1.4 0.1
June 2007 13.3 0.2 1.5
Profit before exceptional items
September 2007 21.1 5.4 0.0
June 2007 32.8 1.1 (1.4)
Exceptional items
September 2007 - - -
June 2007 - - (0.2)
Net profit
September 2007 21.1 5.4 0.0
June 2007 32.8 1.1 (1.6)
Net profit excluding gains and
losses on foreign exchange,
financial instruments and
exceptional items
September 2007 21.0 5.4 0.2
June 2007 33.3 1.1 (1.3)
Capital expenditure
September 2007 43.2 7.3 5.6
June 2007 48.2 8.9 4.7
Planned for next
six months to March 2008 125.9 17.2 19.4
International Operations
United States Dollars Australia #
St Ives Agnew
Operating Results
Ore milled/treated (000 tons)
September 2007 1,757 334
June 2007 1,575 337
Yield (ounces per ton)
September 2007 0.058 0.153
June 2007 0.076 0.159
Gold produced(000 ounces)
September 2007 102.4 51.0
June 2007 119.5 53.5
Gold sold (000 ounces)
September 2007 102.4 51.0
June 2007 119.5 53.5
Gold price received
(dollars per ounce)
September 2007 686 699
June 2007 673 680
Total cash costs
(dollars per ounce)
September 2007 551 430
June 2007 491 395
Total production costs
(dollars per ounce)
September 2007 719
June 2007 710
Operating costs
(dollars per ton)
September 2007 32 63
June 2007 35 79
Financial Results ($ million)
Revenue
September 2007 70.3 35.6
June 2007 80.3 36.1
Operating costs, net
September 2007 58.2 23.7
June 2007 60.8 14.3
- Operating costs
September 2007 56.7 21.0
June 2007 54.8 26.3
- Gold inventory change
September 2007 1.5 2.6
June 2007 5.9 (12.0)
Operating profit
September 2007 12.1 11.9
June 2007 19.7 21.9
Amortisation of mining assets
September 2007 29.6
June 2007 47.4
Net operating profit
September 2007 (5.7)
June 2007 (5.8)
Other income/(expenses)
September 2007 3.4
June 2007 3.8
Profit before taxation
September 2007 (2.3)
June 2007 (2.1)
Mining and income taxation
September 2007 1.1
June 2007 (2.1)
- Normal taxation
September 2007 2.6
June 2007 11.9
- Deferred taxation
September 2007 (1.4)
June 2007 (14.0)
Profit before exceptional items
September 2007 (3.4)
June 2007 0.1
Exceptional items
September 2007 -
June 2007 0.6
Net profit
September 2007 (3.4)
June 2007 0.7
Net profit excluding gains and
losses on foreign exchange,
financial instruments and
exceptional items
September 2007 (2.9)
June 2007 -
Capital expenditure
September 2007 21.3 5.3
June 2007 21.7 8.4
Planned for next
six months to March 2008 51.9 17.5
Australian Dollars
United States Dollars Australia #
St Ives Agnew
Operating Results
Ore milled/treated (000 tons)
September 2007 1,757 334
June 2007 1,575 337
Yield (ounces per ton)
September 2007 0.058 0.153
June 2007 0.076 0.159
Gold produced(000 ounces)
September 2007 102.4 51.0
June 2007 119.5 53.5
Gold sold (000 ounces)
September 2007 102.4 51.0
June 2007 119.5 53.5
Gold price received
(dollars per ounce)
September 2007 809 824
June 2007 810 818
Total cash costs
(dollars per ounce)
September 2007 650 507
June 2007 591 476
Total production costs
(dollars per ounce)
September 2007 848
June 2007 854
Operating costs
(dollars per ton)
September 2007 38 74
June 2007 42 95
Financial Results ($ million)
Revenue
September 2007 82.9 42.0
June 2007 96.2 43.6
Operating costs, net
September 2007 68.6 27.9
June 2007 73.7 17.1
- Operating costs
September 2007 66.9 24.8
June 2007 66.0 32.3
- Gold inventory change
September 2007 1.8 3.1
June 2007 7.7 (15.2)
Operating profit
September 2007 14.2 14.1
June 2007 22.5 26.5
Amortisation of mining assets
September 2007 34.9
June 2007 57.9
Net operating profit
September 2007 (6.6)
June 2007 (8.9)
Other income/(expenses)
September 2007 4.0
June 2007 4.5
Profit before taxation
September 2007 (2.6)
June 2007 (4.4)
Mining and income taxation
September 2007 1.3
June 2007 (3.4)
- Normal taxation
September 2007 3.0
June 2007 15.0
- Deferred taxation
September 2007 (1.7)
June 2007 (18.4)
Profit before exceptional items
September 2007 (3.9)
June 2007 (1.0)
Exceptional items
September 2007 -
June 2007 0.6
Net profit
September 2007 (3.9)
June 2007 (0.4)
Net profit excluding gains and
losses on foreign exchange,
financial instruments and
exceptional items
September 2007 (3.4)
June 2007 (8.2)
Capital expenditure
September 2007 25.2 6.3
June 2007 26.3 10.2
Planned for next
six months to March 2008 60.1 20.2
Underground and surface
South African rand and metric units
Operating Results
Total Mine
Operations
Ore milled / treated (000 ton)
- underground
September 2007 3,451
June 2007 3,445
- surface
September 2007 9,300
June 2007 9,372
- total
September 2007 12,751
June 2007 12,817
Yield (grams per ton)
- underground
September 2007 6.6
June 2007 6.6
- surface
September 2007 1.1
June 2007 1.1
- combined
September 2007 2.6
June 2007 2.6
Gold produced (kilograms)
- underground
September 2007 22,886
June 2007 22,873
- surface
September 2007 10,075
June 2007 10,581
- total
September 2007 32,961
June 2007 33,454
Operating costs (Rand per ton)
- underground
September 2007 660
June 2007 631
- surface
September 2007 120
June 2007 119
- total
September 2007 266
June 2007 257
South African Operations
Total Driefontein Kloof
Ore milled / treated (000 ton)
- underground
September 2007 3,063 924 893
June 2007 3,062 981 851
- surface
September 2007 859 608 101
June 2007 812 661 80
- total
September 2007 3,922 1,532 994
June 2007 3,874 1,642 931
Yield (grams per ton)
- underground
September 2007 6.8 8.2 8.1
June 2007 6.7 7.6 8.3
- surface
September 2007 0.8 0.8 0.7
June 2007 0.9 1.0 0.7
- combined
September 2007 5.5 5.3 7.4
June 2007 5.5 4.9 7.7
Gold produced (kilograms)
- underground
September 2007 20,763 7,609 7,250
June 2007 20,564 7,467 7,086
- surface
September 2007 673 489 69
June 2007 752 636 55
- total
September 2007 21,436 8,098 7,319
June 2007 21,316 8,103 7,141
Operating costs (Rand per ton)
- underground
September 2007 671 735 732
June 2007 643 652 754
- surface
September 2007 70 73 72
June 2007 72 67 79
- total
September 2007 539 472 665
June 2007 523 416 696
South African Operations
Beatrix South
Deep Total
Ore milled / treated (000 ton)
- underground
September 2007 913 333 388
June 2007 864 366 383
- surface
September 2007 - 150 8,441
June 2007 - 71 8,560
- total
September 2007 913 483 8,829
June 2007 864 437 8,943
Yield (grams per ton)
- underground
September 2007 4.1 6.6 5.5
June 2007 4.5 5.7 6.0
- surface
September 2007 - 0.8 1.1
June 2007 - 0.9 1.1
- combined
September 2007 4.1 4.8 1.3
June 2007 4.5 4.9 1.4
Gold produced (kilograms)
- underground
September 2007 3,707 2,197 2,123
June 2007 3,909 2,102 2,309
- surface
September 2007 - 115 9,402
June 2007 - 61 9,829
- total
September 2007 3,707 2,312 11,525
June 2007 3,909 2,163 12,138
Operating costs (Rand per ton)
- underground
September 2007 455 918 576
June 2007 454 799 539
- surface
September 2007 - 57 125
June 2007 - 156 123
- total
September 2007 455 651 145
June 2007 454 695 141
International Operations
Ghana Venezuela
Tarkwa Damang Choco 10
Ore milled / treated (000 ton)
- underground
September 2007 - - -
June 2007 - - -
- surface
September 2007 5,213 1,124 401
June 2007 5,642 1,242 147
- total
September 2007 5,213 1,124 401
June 2007 5,642 1,242 147
Yield (grams per ton)
- underground
September 2007 - - -
June 2007 - - -
- surface
September 2007 0.9 1.3 1.2
June 2007 0.9 1.0 1.6
- combined
September 2007 0.9 1.3 1.2
June 2007 0.9 1.0 1.6
Gold produced (kilograms)
- underground
September 2007 - - -
June 2007 - - -
- surface
September 2007 4,790 1,475 489
June 2007 5,303 1,222 230
- total
September 2007 4,790 1,475 489
June 2007 5,303 1,222 230
Operating costs (Rand per ton)
- underground
September 2007 - - -
June 2007 - - -
- surface
September 2007 87 153 248
June 2007 79 133 517
- total
September 2007 87 153 248
June 2007 79 133 517
International Operations
Australia
St Ives Agnew
Ore milled / treated (000 ton)
- underground
September 2007 273 115
June 2007 304 79
- surface
September 2007 1,484 219
June 2007 1,271 258
- total
September 2007 1,757 334
June 2007 1,575 337
Yield (grams per ton)
- underground
September 2007 4.1 8.7
June 2007 5.3 8.7
- surface
September 2007 1.4 2.7
June 2007 1.6 3.8
- combined
September 2007 1.8 4.7
June 2007 2.4 4.9
Gold produced (kilograms)
- underground
September 2007 1,128 995
June 2007 1,623 686
- surface
September 2007 2,057 591
June 2007 2,095 979
- total
September 2007 3,185 1,586
June 2007 3,718 1,665
Operating costs (Rand per ton)
- underground
September 2007 553 628
June 2007 548 501
- surface
September 2007 169 352
June 2007 176 574
- total
September 2007 229 447
June 2007 248 557
Development results
Development values represent the actual results of sampling and no allowance
has been made for any adjustments which may be necessary when estimating ore
reserves. All figures below exclude shaft sinking metres.
Driefontein September 2007 quarter
Carbon
Leader Main VCR
Reef
Advanced (m) 4,559 1,389 1,574
Advanced on reef (m) 792 572 314
Sampled (m) 744 366 255
Channel width (cm) 58 32 53
Average value - (g/t) 19.1 14.4 23.7
- (cm.g/t) 1,104 461 1,244
June 2007 quarter
Carbon
Leader Main VCR
Reef
Advanced (m) 4,164 1,054 1,666
Advanced on reef (m) 736 332 311
Sampled (m) 579 402 123
Channel width (cm) 59 43 73
Average value - (g/t) 24.3 10.8 115.9
- (cm.g/t) 1,426 469 8,478 1
Kloof September 2007 quarter
Reef Libanon Kloof Main VCR
Advanced (m) 31 361 1,717 8,186
Advanced on reef (m) 31 - 343 976
Sampled (m) 21 - 270 805
Channel width (cm) 243 - 100 97
Average value - (g/t) 3.9 - 11.3 24.4
- (cm.g/t) 947 - 1,130 2,357
June 2007 quarter
Reef Libanon Kloof Main VCR
Advanced (m) - 327 1,679 6,966
Advanced on reef (m) - 11 410 933
Sampled (m) - 21 402 801
Channel width (cm) - 37 77 89
Average value - (g/t) - 0.1 7.8 20.5
- (cm.g/t) - 3 600 1,824
Beatrix September 2007 quarter
Reef Beatrix Kalkoenkrans
Advanced (m) 8,392 2,859
Advanced on reef (m) 1770 167
Sampled (m) 1,734 168
Channel width (cm) 83 95
Average value - (g/t) 9.0 16.3
- (cm.g/t) 745 1,550
June 2007 quarter
Reef Beatrix Kalkoenkrans
Advanced (m) 8,340 2,676
Advanced on reef (m) 1,458 284
Sampled (m) 1,260 270
Channel width (cm) 96 164
Average value - (g/t) 9.2 10.0
- (cm.g/t) 884 1,638
South Deep September 2007 quarter
Reef VCR Elsburg
Advanced (m) 630 1,054
Advanced on reef (m) 129 685
Sampled (m) 102 -
Channel width (cm) 80 -
Average value - (g/t) 9.3 6.4 3
- (cm.g/t) 740 2 -
June 2007 quarter
Reef VCR Elsburg
Advanced (m) 658 879
Advanced on reef (m) 91 625
Sampled (m) 69 -
Channel width (cm) 94 -
Average value - (g/t) 3.0 6.3
- (cm.g/t) 282 -
1) High grades intersected in 4 shaft pillar.
2) VCR not fully exposed in faulted area.
3) Trackless development in the Elsburg reef is evaluated by means of the
block model.
Administration and corporate information
Corporate Secretary
CAIN FARREL
Telephone: (+27)(11) 644 2525
Facsimile: (+27)(11) 484 0626
e-mail: cain.farrel@goldfields.co.za
Registered Offices
JOHANNESBURG
Gold Fields Limited
24 St Andrews Road
Parktown
Johannesburg
2193
Postnet Suite 252
Private Bag X30500
Houghton 2041
Tel: (+27)(11) 644 2400
Fax: (+27)(11) 484 0626
LONDON
St James`s Corporate Services Limited
6 St James`s Place
London SW1A 1NP
United Kingdom
Telephone:(+44)(20) 7499 3916
Facsimile: (+44)(20) 7491 1989
American Depository
Receipts Transfer Agent
Bank of New York
Shareholder Relations
P O Box 11258
New York, NY20286 -1258
US toll-free telephone: (1)(888) 269 2377
e-mail: shareowner-svcs@mail.bony.com
Gold Fields Limited
Incorporated in the Republic of South Africa
Registration number 1968/004880/06
Share code: GFI
Issuer code: GOGOF
ISIN - ZAE 000018123
Investor and Media Enquiries
South Africa
NERINA BODASING
Telephone: (+27)(11) 644 2630
Facsimile: (+27)(11) 484 0639
e-mail: nerina.bodasing@goldfields.co.za
North America
WILLIE JACOBSZ
Telephone: (+27)(11) 644 2460
Facsimile: (+27)(11) 484 0639
e-mail: wjacobsz@gfexpl.com
Transfer Secretaries
South Africa
Computershare Investor Services 2004
(Proprietary) Limited
Ground Floor
70 Marshall Street
Johannesburg, 2001
P O Box 61051
Marshalltown, 2107
Telephone: (+27)(11) 370 5000
Facsimile: (+27)(11) 370 5271
United Kingdom
Capita Registrars
Bourne House
34 Beckenham Road
Beckenham
Kent BR3 4TU
England
Telephone: (+44)(20) 8639 2000
Facsimile: (+44)(20) 8658 3430
WEBSITE
http://www.goldfields.co.za
Forward Looking Statements
Certain statements in this document constitute "forward looking statements"
within the meaning of Section 27A of the US Securities Act of 1933 and Section
21E of the US Securities Exchange Act of 1934.
Such forward looking statements involve known and unknown risks, uncertainties
and other important factors that could cause the actual results, performance or
achievements of the company to be materially different from the future results,
performance or achievements expressed or implied by such forward looking
statements. Such risks, uncertainties and other important factors include among
others: economic, business and political conditions in South Africa; decreases
in the market price of gold; hazards associated with underground and surface
gold mining; labour disruptions; changes in government regulations, particularly
environmental regulations; changes in exchange rates; currency devaluations;
inflation and other macro-economic factors; and the impact of the AIDS crisis
in South Africa. These forward looking statements speak only as of the date of
this document.
The company undertakes no obligation to update publicly or release any
revisions to these forward looking statements to reflect events or
circumstances after the date of this document or to reflect the occurrence of
unanticipated events.
Gold Fields Limited
Incorporated in the Republic of South Africa
Registration number 1968/004880/06
Share code: GFI
Issuer code: GOGOF
ISIN: ZAE 000018123
Directors
A J Wright (Chairman) A Grigorian J M McMahon *
P J Ryan
I D Cockerill *
(Chief Executive Officer) J G Hopwood D M J Ncube
T M G Sexwale
N J Holland *
(Chief Financial Officer) C I von Christierson
G Marcus R L Pennant-Rea *
K Ansah#
* British
# Ghanaian
Russian
Date: 25/10/2007 08:00:16 Produced by the JSE SENS Department.
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howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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